Only about half of all Americans – 53% – say they now have more money in their emergency savings than what they owe in credit card debt — an unfortunate side-effect of the pandemic.

Younger Americans are particularly affected, as a significant portion of Gen Zers (millennials) say the pandemic has eroded their savings.

A new study found that millennials aged 26 to 41 and Gen Z (those between 18 and 25) took the largest hits to their savings during the pandemic. Bankrate surveyMore than 1000 adults across the United States were surveyed in a survey released Wednesday. Also, Millennials were more likely than any other age group to owe credit card debt more than their savings.

Nearly half of the Gen Z respondents – 46% – say their emergency savings is less in 2022 than it was at the start of the pandemic, while 43% of millennials said the same thing about their savings. Even worse was the situation for younger millennials between 26 and 32 years of age, where 54% said their emergency savings fell during the pandemic. Contrast this with 37% and 27% respectively of the baby boomers, who said that their savings fell during the pandemic.

CNBC Make It. Greg McBride is chief financial analyst for Bankrate.com.

The Economic Policy Institute actually found that in 2020, Gen Z was the generation most likelyto be unable to find work due the Covid-19 pandemic. The Pew Research CenterAlso, the study found that Americans aged 18 to 29 (which includes Gen Z as well as younger millennials) were most likely to lose their jobs during the pandemic. They were also the most likely to have to accept a lower pay scale.

It is not surprising, then, that the decline in their savings coincided with an increase of their credit card debt. Bankrate reports that 32% of millennials believe the amount they have in savings now is more than they owe on credit card debt.

The Bankrate survey shows that Gen Z and Gen X are doing much better in this regard than millennials. Only 23% and 24% respectively of Gen Zers, and 24%, respectively, reported their debt exceeding savings.

The financial crisis can really make it hard to start or grow up. McBride says that this could lead to a greater aversion toward debt and an increased prioritization for emergencies. This could be a result of the pandemic on Gen Zers,” McBride says.

Because they were born around 2008 and the dotcom bust, the millennial generation had a tendency to be more financially savvy and less likely to default on their debts than the older generations before the epidemic.

McBride states that periods of income disruption, or even outright unemployment, can rapidly erode savings and lead to credit card debts that weren’t there before.

Bankrate’s overall findings show that Americans have less credit card debt than what they save. This is 53% compared to 54% one year ago. But, this number is still higher than the one before the pandemic. Only 44% of respondents in 2019 stated that their savings exceeded their credit cards debt.

However, many Americans don’t have enough savings to cover an emergency.

McBride states that 1 out 7 households do not have credit card debt and don’t have emergency savings. That is an extremely precarious situation because they are more vulnerable to their financial stability being disrupted by unexpected expenses.

Bankrate recommendsStart building an emergency savings account for the rainy days by taking stock of your financial situation.

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