WASHINGTON (dpa-AFX) - Millennials and Generation Zs, or people aged between 18 to 34 year, pay more for car repairs, according to a new survey.
The average American spent $1,986 over the past five years on vehicle repairs and maintenance, according to a survey by Ally Financial conducted by Harris Poll.
However, among millennials and Generation Zs, which is 18 to 34 year olds, that average was rose to $2,334. People 55 and older spent $1,654 on average, 35- to 44-year-olds spent $1,978 and 45- to 54-year-olds spent $2,135.
According to the report, youngsters had to spend more on car repairs because they are more likely to own older cars ad well as they are more likely to have longer commutes to jobs than their older counterparts.
'Many Americans rely on their cars to get to work, and losing access to your vehicle can be a major disruption and huge source of stress -particularly if you can't cover the repair cost,' said Mark Manzo, president of insurance at Ally Financial. 'The financial strain can be even more daunting for young people who are early in their careers and may be paying down student loan debt as well.
The report also says that two-thirds of 18- to 24-year-olds lack any emergency savings.
Copyright RTT News/dpa-AFX