The average consumer worries about money six times a day and more than half have overextended themselves are in a “difficult” financial position, according to the results of a survey conducted and released by Affirm, a Buy Now, Pay Later provider.
On the bright side, though, younger consumers feel as though living through the pandemic has helped them become more “financially savvy.” While Millennials (people born between 1981 and 1996) generally feel more confident about their finances and where their financial situations will be in 10 years, they are also the generation that spends more time worrying about money than any other, according to the survey.
In a “would you rather” situation, nearly half of consumers would give up drinking alcohol for five years in order to be able to retire today, while 30% said they would give up sex and 29% said they would give up spending time with their friends.
Perhaps not surprisingly, given who conducted the survey, 58% of consumers said they would prefer to use a BNPL product rather than pay for something with a credit card, and 49% of consumers won’t buy from a retailer unless they offer a BNPL option, according to Affirm.
About 40% of Millennials said that carrying credit card debt is the source of their biggest financial setback, according to the survey.
Overall, consumers think Millennials and members of Generation Z (people born between 1997 and 2012) are generally better at managing their finances than people who are members of Generation X (people born between 1965 and 1980) and Baby Boomers (people born between 1946 and 1964).
When asked about what areas of their lives they feel most confident about, 79% of Millennials said their finances, compared with 57% of Generation Z, 71% of Generation X, and 65% of Baby Boomers.
