MOUNTAIN VIEW, Calif. (August 18, 2020)—Millennials are financially impacted the most during COVID-19. A new healthinsurance.com multigenerational survey polled millennials, Gen Xers and baby boomers about their perspectives on everything from health care and the economy to technology and social media during the COVID-19 pandemic.
COVID-19 Healthcare and Financial Hardships
Of those surveyed, 51% say they have experienced financial insecurity due to COVID-19. Millennials were most impacted with 6 in 10 saying they have experienced financial insecurity during the Coronavirus pandemic. 52% of millennials said they've also had to put off medical care because of cost. Baby boomers were the least impacted generation with only 37% reporting financial hardships during COVID-19. Across the three generations, 3 in 10 respondents say they have or have known someone who has lost their health insurance during the COVID-19 pandemic—nearly 40% of millennials were impacted by this. And when asked broadly about the U.S. health care system, 82% of all surveyed say it's broken.
Stimulating the American Economy
Gen Xers, millennials and baby boomers have all been busy hitting that checkout button: 72% report shopping more online during the coronavirus pandemic. 77% also say they have made an effort to patronize small businesses during the pandemic. However, the overall economic outlook is bleak: 47% don't believe that small businesses will recover after the COVID-19 pandemic, and an additional two-thirds think it will take two or more years for the U.S. economy to recover.
Slowing the Spread of COVID-19
While 87% are comfortable having their temperature checked before walking into an establishment, only 4% feel it's an effective way to prevent the spread of COVID-19. Overall, 4 in 10 think masks are the most effective way to prevent the spread of COVID-19, but millennials and Gen Xers think that social distancing and lockdowns are almost equally as effective. But the lockdowns are just a bummer to the baby boomers: only 12% think they are effective.
All generations are worried about kids going back to school with 6 in 10 thinking students should not go back to classrooms or to college campuses this fall. When asked about getting vaccinated, 69% say they will. That number was slightly higher for baby boomers: 75% say they will get the vaccine when one becomes available.
Gen Xers are embracing telemedicine the most with 52% saying they've used telemedicine services during the pandemic. Meanwhile, 46% of baby boomers are trying virtual visits during COVID-19.
Overall, 60% say they are more comfortable using telemedicine now than they were six months ago. More than half of respondents say their doctor has encouraged a telemedicine visit over an in-office visit. Lastly, 54% say they plan on using telemedicine when the COVID-19 pandemic is over.
Depending on Digital
50% have video chatted more with their parents and or kids since the COVID-19 pandemic began, with millennials reporting the biggest increase. 71% of all respondents find themselves on the computer or phone more often since the pandemic started, which may be why 39% say they need a digital detox. At 51%, millennials were the top generation needing a digital detox - a multigenerational divide that is very telling.
Staying connected on Social Media
Facebook is still king with 60% of all generations saying they use Facebook the most, followed by Instagram at 19% and Twitter at 11%.
75% of baby boomers say they use Facebook the most, compared to 45% of millennials. Instagram comes in second among millennials, with 27% saying it's their preferred social media platform.
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