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Survey reveals how different generations approach moving

2024-06-26 32 Dailymotion

Gen Z is crushing moving season, according to a recent poll.<br /><br />The survey of 2,000 Americans who have moved in the last five years found that not only are they on top of their finances, more than half of Gen Z respondents (57%) reported they actually enjoy the process of moving. Meanwhile, only 22% of baby boomers share that sentiment.<br /><br />As the summer moving season heats up, digital insurance company, Lemonade, commissioned the survey through Talker Research to investigate how Americans approach moving — how they prepare, feelings on the overall process and the generational split on it all.<br /><br />According to results, Gen Z stands out as the most meticulous planners, with 60% creating a moving budget compared to only 55% of millennials, 46% of Gen X and 38% of baby boomers who prepared financially. <br /><br />The research also found that of all generations, Gen Z even set aside the most money for their most recent move. Gen Z focused their budget on getting their new space ready with things like furniture and home updates ($1,703.50 on average), while Baby Boomers focused on the physical components, like moving trucks and supplies ($1,633.60 on average). <br /><br />But despite their careful planning, four in five exceeded their moving budgets. For those, average overspending totaled $1,057.20.<br /><br />And for the average respondent, it took five months to financially recover from their most recent move.<br /><br />Still, nearly half (47%) said they would overpay if it meant they would have a disaster-free move, with millennial respondents being the most willing to overpay (51%), compared to baby boomers who were least willing to overpay (37%).<br /><br />According to those surveyed, the most unexpectedly expensive parts of moving were renting a moving truck (30%), purchasing packing materials (22%) and putting some belongings temporarily in storage (18%).<br /><br />“Whether you enjoy packing up your old house and moving into a new one or you hate the process altogether, it’s a huge undertaking with so many factors to think about: Logistical, emotional and financial. And it’s very easy to forget important things,” said Sean Burgess, chief claims officer at Lemonade. “It’s always a good idea to simplify the process as much as possible, especially for those tasks we tend to forget, like updating your address, insurance and utilities accounts.”<br /><br />When it comes to being a bit forgetful, 35% claimed they didn’t forget anything, baby boomers being the least forgetful (58%) compared to Gen Z (24%).<br /><br />But for those who forgot a few things, the most common things to fall through the cracks were forgetting to update their address or forward their mail, with Gen Z forgetting this the most (31%) and baby boomers forgetting this the least (18%).<br /><br />Along with that, 19% of Gen Z forgot to update their home or renters insurance compared to only 3% of baby boomers. <br /><br />For those looking to rent new homes when moving (59%), the most alarming red flags included the home looked worse in person than in pictures (28%), lack of air co

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