Financial behavior, Millennials, Gen Z, Payment behavior


This study investigated whether financial stress is associated with experiencing the COVID-19 pandemic across different generations. In addition, this research examined whether financial payment behaviors are associated with experiencing the COVID-19 pandemic, different generations, and having higher financial stress. Two cross-sectional samples were collected from the United States at two time points, before COVID-19 (n = 823) and during COVID-19 (n = 803). Ordinary least squared (OLS) regression and ordered logistic models were utilized to answer the research questions. The results revealed that COVID-19 increased financial stress, but the younger generations have demonstrated resilience in dealing with the pandemic, contrary to previous research. Furthermore, when analyzing specific financial payment behavior trends such as responsible behavior, continuous age values were found to be more significant than generational divisions. Consequently, the results indicated financial stress related to the COVID-19 pandemic, but it was not associated with generational categories. Both academic and practical implications of the findings are discussed.

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Creative Commons Attribution-Noncommercial 4.0 License
This work is licensed under a Creative Commons Attribution-Noncommercial 4.0 License

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