More than half of U.S. adults have delayed a major financial milestone such as buying a car or purchasing a house because of concerns about the state of the economy, according to a new survey by financial services website BankRate. The company polled more than 2,400 U.S. residents and found that 53% of respondents have delayed a major financial purchase, with the most common being home improvements or renovations (25%) followed by buying or leasing a car (21%) and buying a home (15%).
Gen Z and millennial respondents were the most likely to report putting off buying a car or home, with smaller percentages saying they have put off major life changes such as getting married and having children. Gen X and baby boomers were more likely to put off home renovations, although baby boomers were the only generation surveyed where most respondents (54%) said they have made no changes.
Roughly three in five of all respondents (58%) have opted out of activities or events because of the economy, such as taking a vacation (37%), dining out with friends or family (28%), or going to an amusement park, zoo, aquarium or other attraction or attending events such as concerts and plays (21%). Fifty-seven percent said their quality of life has been negatively affected by the state of the economy, including 22% who said they’ve been “very” negatively affected.