Kiwi millennials (25 to 43 years old) are more likely to be anxious about their financial future after the COVID-19 pandemic, according to research by Fidelity Life.
The insurer, which recently partnered with global digital health company Sharecare to launch a local version of its wellbeing app, surveyed 1,000 individuals from across New Zealand and found that millennials are more likely to be feeling vulnerable about their financial security (46% versus an average of 40%).
Furthermore, millennials reported that they feel stressed (53% versus an average of 39%) and more likely to say they’re unhappy (28% versus an average of 22%). They are also the generation hit hardest by job losses, making up around half (49%) of those experiencing reduced hours or redundancies.
According to the insurer, millennials were the most concerned about their retirement prospects, also making up half (49%) of those who said they were “very worried” about the prospect of an extended recession and its market impacts.
The survey also revealed the significant impacts of Alert level 4 on physical health, as people were more likely to exercise less during lockdown. New Zealanders reported sleeping more, eating more, consuming more alcohol and smoking/vaping more, with greatly reduced physical activity.
“New Zealanders have done a fantastic job banding together to fight COVID-19,” said Fidelity Life CEO Nadine Tereora. “However, the stress of an uncertain future, job losses, working from home with kids and other pressures are taking their toll. We wanted to see which parts of society will need the most help and support as we look to life post-lockdown.”
According to Tereora, the sentiment is expected, as millennials and Gen Xers are most likely to have young families, be in the early stages of building wealth and may not have insurance, investments or savings to fall back on.
Meanwhile Baby Boomers are more likely to be nesters and have more wealth behind them, she said. They likely do not feel the same financial pressure but are struggling with missing their families.