More than three-fourth of millennials and Gen Zers said the pandemic has made them more aware of the importance of saving and how to better manage their money, according to a survey by Travis Credit Union.

Forty-five percent said they will curb their spending and pay closer attention to managing their money; 43% said they will contribute more to their general savings account; 39% said they will build an emergency fund; and  28% said they will contribute more to accounts such as 401(k)s.

The survey, conducted in May, included 1,879 millennials and Gen Zers. 

Most respondents (90%) indicated that they have a savings account, with an average balance of $14,140. And while the survey found that men had more saved than women on average ($16,631 versus $11,649), more than half (52%) of all respondents said they contribute to their savings monthly. They are saving for a home (30%), retirement (26%), and travel (11%).

Although two-thirds of respondent (66%) said they are on track to meet their goal, 54% said they are not satisfied with their savings. And one in 10 do not have a savings account, with 77% of this group saying they do not make enough money to save.

Many of the young people have lived through the Great Recession in 2008 and 2009 and a third of them said the crisis has changed how they approach their saving habits. Sixty-four percent of respondents said they have an emergency fund, with average savings of of $23,950.

More than a third (39%) said they have had to dip into their reserve savings during the pandemic. On average, respondents said, they have used a third of their savings on mainly food (70%). Forty-eight percent said they used the money to pay for utilities, 41% said they paid mortgage and rent, and 25% said they paid credit card debt. Others indicated that they paid for student loans (22%), car payments (22%) and health-care costs (19%).

Three out four of respondents said Covid-19 has changed their saving habits and that it will continue to shape their financial habits going forward.