Shifting Financial Priorities Brought On By COVID-19 Show Young Adults Prioritizing Health Earlier In Life
Data was collected from users of the Money Experience Essentials program, designed for individuals ages 15-24, during Financial Literacy Month in April
Recent data collected by Money Experience, the innovative edtech company based in Cambridge, Massachusetts, shows a significant shift in financial priorities among young adults as a result of the COVID-19 pandemic. The data, which was collected during Financial Literacy Month in April, shows that when planning for their futures, Gen Zers are making their health a financial priority.
Money Experience’s Essentials program walks users through the arc of life’s different moments and presents a variety of choices that help demonstrate how each decision can impact their financial future. In simulations completed during the month of April, users made health a top three priority during every stage of life – simulator start (3), mid-life (3) and retirement age (2). Family was the other consistent top three priority for users in every stage of life.
“We were thrilled to see so many schools, nonprofits and financial institutions take advantage of our free resource during Financial Literacy Month,” said Jeet Singh, founder and CEO at Money Experience. “When it came time to analyze the data, it was really interesting, though not entirely surprising, to see the shifting priorities among young people. Health isn’t typically a financial concern for young people, but the pandemic has created an overwhelming sense of uncertainty that is transforming their way of thinking rather quickly. It was quite remarkable to see the mature financial decisions they made when progressing through the simulator.”
Further demonstrating the prioritization of health, when it came time to select a career path, nurse and physician were the top two selections – number one and two, respectively – of respondents who have, or plan to get, a college degree.
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Given the continued need for online resources, Money Experience has extended its Financial Literacy Month promotion. High schools and colleges will now have free access to the platform through the end of June, and businesses and other organizations will receive a 30 day free trial.
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