The survey found that respondents most often cut back on expenditures when there is an unexpected job loss (49%), separation or divorce (43%) and loss of housing (42%). They also cut back because in the event of an extremely sick/or the death of a relative (36%) and an unexpected medical emergency (34%).

Paying off debt and saving for retirement are top financial goals across all generations, according to the survey. Such responses, the survey said, show people want help in improving their financial wellness.

The paper said, based on this research, it is likely that the global pandemic will shape financial attitudes and behaviors into the future.

The paper described Gen Z as born 1977 and later; millennials as those born between 1981 and 1996; Gen X as those born between 1965 and 1980); and boomers as those born between 1946 and 1964.

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