Generations of bill-payers will need extensions.
The battle between the baby boomer generation and millennials is prominent in a new survey on paying bills amid the financial impacts of the coronavirus pandemic. Gen X, as usual, is stuck in the middle.
The gist: millennials, by a large majority, face steeper rent and mortgage issues than any other age cohort. The survey, conducted by market research firm YouGov and Naples-based electronic payment firm ACI Worldwide, found that nearly half of millennials need to make bill pay arrangements or request deferrals. That compares to 13% of baby boomers who face similar circumstances, and 32% of Generation X.
Overall, the study found that more than one in four consumers, 27%, are past due on at least one bill and nearly 44% of consumers say it will take four months to a year to get current with their bills. The sample size of the study, taken April 29-30, was 1,384 adults.
“With increasing job losses, furloughs and reductions of hours and pay, so many consumers are facing substantial financial difficulties — resulting in both overdue bills and bill deferrals,” ACI Worldwide Executive Vice President Sanjay Gupta says in the statement. “Consumers, now more than ever, need financial flexibility.”