A majority of 18- to 29-year-olds (55%) say they are watching their spending “very closely” these days, up from 43% of 18- to 29-year-olds who shared that view in 2006. That increase almost matches the 11-point rise in the overall proportion of adults who are keeping a closer eye on their finances these days (46% in 2006 vs. 57% now).
Adults under age 30 continue to worry that they aren’t saving or investing enough (72% in 2006, 77% today). That is about equal to the percentage of those ages 30 to 45 (78%) who say they are concerned about growing their nest eggs.
One reason Millennials are particularly vulnerable to hard times is that they are by far the least likely of any generation to be covered by health insurance; about six-in-ten (61%) of all Millennials say they are covered by some form of health plan, compared with 73% of Gen Xers, 83% of Baby Boomers and 95% of the Silent generation (most of the oldest group are eligible for Medicare or receive health benefits as part of their retirement plans).
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