"Generational behavior patterns often form based on experiences with economic cycles, and while this is the first downturn that Gen Z has seen, it's the second time around for many millennials," Mitchell said. "We're encouraged by the instinct to respond among younger people, and that many of them are seeking help from financial professionals."
Overall, respondents expressed a slightly less secure feeling about their finances from before the epidemic, the survey found.
Asked how they felt about their financial security on a 10-point scale, the average rating in this most recent poll was 6.1, compared with 6.7 before the epidemic, Northern Mutual said.
About 35% of respondents rated themselves at between eight and 10 on the scale, which is down from 45% before the pandemic.
Those rating their security between a one and a three increased from 12% to 19%.
These were among other findings in the survey:
• 25% have dipped into personal savings or emergency funds (excluding retirement accounts)
• 14% have borrowed money from family or friends
• 10% have dipped into retirement accounts/savings
• 8% have applied for a loan from a financial lender
• 8% have sold investments to raise cash
• 6% have used the cash value of a life insurance policy