A new Harris Poll among over 500 U.S. millennials (ages 24-39), commissioned by DailyPay, the Funding Our Future Campaign, and the Center for Financial Security at the University of Wisconsin reveals that millennials have been hit hard financially by the global pandemic. More than half (52%) note that their savings on hand have declined since the beginning of the COVID-19 pandemic and more than 2 in 5 (44%) cite they have either no savings (17%) or not enough savings to cover a $400 emergency expense (27%).
“This data shows the resilience of younger generations in the face of the second major economic shock of their financial lives, as well as highlights how vulnerable people are today, especially given the effects of the pandemic on top of student loan debt and other concerns,” said J. Michael Collins, Director of the Center for Financial Security. “It is also notable that Social Security is still very much viewed as being important, even among young people, as a pathway to financial security.”
The University of Wisconsin-Madison Center for Financial Security Retirement and Disability Research Center (CFS RDRC) is an applied research program which develops evidence that can assist policymakers, the public, and the media in understanding issues in Social Security, retirement, and disability policy, especially related to economically vulnerable populations. The CFS RDRC incorporates diversity of viewpoints and disciplines, develops diverse emerging scholars and generates research findings that are used in policy and practice. To this end, CFS has released four calls for applications for training programs within the CFS RDRC.
Read more about the CFS RDRC in our newly released Newsletter and subscribe to our CFS RDRC updates:
The CFS RDRC released four calls for applications or proposals for the following training and fellowship opportunities:
The Center for Financial Security, in partnership with the Wisconsin Coalition on Student Debt hosted an event entitled “Student loan debt issues for Veterans: what do we know about the challenges and barriers?” on November 12, 2020.
Stephen Ross, CFS Affiliate and Professor in the Department of Economics at University of Connecticut, along with his co-author Tingyu Zhou, Assistant Professor in the Department of Risk Management/Insurance, Real Estate, and Legal Studies at Florida State University, release working paper that builds on existing literature documenting loss aversion in the housing market, where expected losses lead to higher sales prices. Ross and Zhou study how exposure to expected losses may correlate with unobservables that influence housing prices.