Multigenerational Survey On Life During COVID-19 Finds Millennials Most Impacted

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08/17/2020 - 03:01 AM

MOUNTAIN VIEW, Calif., Aug. 17, 2020 /PRNewswire/ -- Millennials are financially impacted the most during COVID-19. A new healthinsurance.com multigenerational survey polled Millennials, Gen Xers and Baby Boomers about their perspectives on everything from healthcare and the economy to technology and social media during the COVID-19 pandemic.

COVID-19 Healthcare and Financial Hardships
51% of those surveyed say they have experienced financial insecurity due to COVID-19. Millennials were most impacted with 6 in 10 saying they have experienced financial insecurity during the Coronavirus pandemic. 52% of Millennials said they've also had to put off medical care because of cost. Baby Boomers were the least impacted generation with only 37% reporting financial hardships during COVID-19. Across the three generations, 3 in 10 respondents say they have or have known someone who has lost their health insurance during the COVID-19 pandemic -- nearly 40% of Millennials were impacted by this. And when asked broadly about the U.S. healthcare system, 82% of all surveyed say it's broken.

Stimulating The American Economy
Gen Xers, Millennials and Baby Boomers have all been busy hitting that checkout button: 72% report shopping more online during the Coronavirus pandemic. 77% also say they have made an effort to patronize small businesses during the pandemic. However, the overall economic outlook is bleak: 47% don't believe that small businesses will recover after the COVID-19 pandemic, and an additional two-thirds think it will take two or more years for the U.S. economy to recover.

Slowing The Spread of COVID-19
While 87% are comfortable having their temperature checked before walking into an establishment, only 4% feel it's an effective way to prevent the spread of COVID-19. Overall, 4 in 10 think masks are the most effective way to prevent the spread of COVID-19, but Millennials and Gen Xers think that social distancing and lockdowns are almost equally as effective. But the lockdowns are just a bummer to the Baby Boomers: only 12% think they are effective.

All generations are worried about kids going back to school with 6 in 10 thinking students should not go back to classrooms or to college campuses this fall. When asked about getting vaccinated, 69% say they will. That number was slightly higher for Baby Boomers: 75% say they will get the vaccine when one becomes available.

Trusting Telemedicine
Gen Xers are embracing telemedicine the most with 52% saying they've used telemedicine services during the pandemic. Meanwhile, 46% of Baby Boomers are trying virtual visits during COVID-19.

Overall, 60% say they are more comfortable using telemedicine now than they were six months ago. More than half of respondents say their doctor has encouraged a telemedicine visit over an in-office visit. Lastly, 54% say they plan on using telemedicine when the COVID-19 pandemic is over.

Depending on Digital
50% have video chatted more with their parents and or kids since the COVID-19 pandemic began, with Millennials reporting the biggest increase. 71% of all respondents find themselves on the computer or phone more often since the pandemic started, which may be why 39% say they need a digital detox. At 51%, Millennials were the top generation needing a digital detox - a multigenerational divide that is very telling.

Staying connected on Social Media
Facebook is still King with 60% of all generations saying they use Facebook the most, followed by Instagram at 19% and Twitter at 11%.

75% of Baby Boomers say they use Facebook the most, compared to 45% of Millennials. Instagram comes in second among Millennials, with 27% saying it's their preferred social media platform.

For more findings click here or for the entire multigenerational survey results click here.

METHODOLOGY:
The above results were gathered through an online poll of 1,595 Americans aged 24-74. The poll was conducted August 6-7, 2020, gleaning representative samples from each state based on population. Samples were weighted for even sample results for Millennials (ages 24-39), Gen X (ages 40-55) and Baby Boomers (ages 56-74). Percentages have been rounded to the nearest full percentage point.

ABOUT HEALTHINSURANCE.COM:
Healthinsurance.com combines the nation's leading health insurance carriers and advanced technology to offer a suite of private insurance solutions and Medicare plan options. In just a few clicks, our website provides consumers the ability to access powerful online comparison tools and educational resources that enable efficient self-guided navigation of available health insurance and Medicare options. For more information, visit www.healthinsurance.com.

FORWARD-LOOKING STATEMENTS:
Healthinsurance.com LLC is part of the Benefytt Technologies family companies (NASDAQ: BFYT). This press release contains "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements other than historical fact, and may include statements relating to goals, plans and projections regarding new markets, products, services, growth strategies, anticipated trends in our business and anticipated changes and developments in the United States health insurance system and laws. Forward-looking statements are based on our current assumptions, expectations and beliefs are generally identifiable by use of words "may," "might," "will," "should," "expects," "plans," "anticipates," "believes," "estimates," "predicts," "potential" or "continue," or similar expressions and involve significant risks and uncertainties that could cause actual results, developments and business decisions to differ materially from those contemplated by these statements. These risks and uncertainties include, among other things, our ability to maintain relationships and develop new relationships with health insurance carriers and distributors, our ability to retain our members, the demand for our products, the amount of commissions paid to us or changes in health insurance plan pricing practices, our ability to integrate our acquisitions, competition, changes and developments in the United States health insurance system and laws, and our ability to adapt to them, the ability to maintain and enhance our name recognition, difficulties arising from acquisitions or other strategic transactions, and our ability to build the necessary infrastructure and processes to maintain effective controls over financial reporting. These and other risk factors that could cause actual results to differ materially from those expressed or implied in our forward-looking statements are discussed in HIIQ's most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (SEC) as well as other documents that may be filed by HIIQ from time to time with the Securities and Exchange Commission, which are available at www.sec.gov. Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made. You should not rely on any forward-looking statement as representing our views in the future. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.