Millennials Less Prepared for Emergency Expenses Compared to Older Americans – HomeServe 5th Biannual State of the Home Survey

Summer 2017 survey found that 28 percent of American homeowners had no money set aside to cover the cost of an emergency home repair, much higher than what was reported in the Winter 2017 edition (16 percent) and up from the 23 percent reported a year ago in the Summer 2016 edition. Furthermore, among those who have some money set aside, the percentage of homeowners with $1,000 or less saved fell to 30 percent – a significant drop from the 52 percent reported by the Summer 2015 edition of the survey two years prior. On the other end – among homeowners with money set aside for emergency home repairs – 53 percent said they had $5,000 or more in funds set aside, an increase from the 48 percent reported in the Winter 2017 survey.   

“Across our previous surveys and with this latest edition, there is one finding that has remained consistent: a significant portion of Americans are not prepared for emergency expenses. The Summer 2017 edition highlights the vulnerability of Millennials in particular,” said Tom Rusin, CEO of HomeServe USA. “This is why our focus continues to be on doing our part to protect Americans from the unexpected financial burden and inconvenience of home emergencies. Whether it’s a younger generation of first time homeowners or the generations that came before them, our mission and commitment to assisting homeowners through their emergency repair needs remain the same.”   

Survey Methodology

The HomeServe Biannual State of the Home Summer 2017 survey was conducted online within the United States by Harris Poll on behalf of HomeServe from August 17-21, 2017 among 2,065 U.S. adults ages 18 and older among whom 606 are Millennials ages 18-36.  The Winter 2017 survey was conducted online within the United States by Harris Poll on behalf of HomeServe from March 6-8, 2017 among 2,178 adults ages 18 and older. The Summer 2016 survey was conducted online within the United States by Harris Poll on behalf of HomeServe from August 3-4, 2016 among 2,027 adults ages 18 and older. The Summer 2015 survey was conducted online within the United States by Harris Poll on behalf of HomeServe from July 17-21, 2015 among 2,024 adults ages 18 and older. These online surveys are not based on a probability sample and therefore no estimate of theoretical sampling error can be calculated. For complete survey methodology, including weighting variables, please contact press@homeserveusa.com.

 About Harris Poll

Over the last 5 decades, Harris Polls have become media staples. With comprehensive experience and precise technique in public opinion polling, along with a proven track record of uncovering consumers’ motivations and behaviors, Harris Poll has gained strong brand recognition around the world. Contact us for more information.

About HomeServe

HomeServe USA Corp. (HomeServe) is a leading provider of home repair solutions serving 3.1 million customers across the US and Canada under the HomeServe, Home Emergency Insurance Solutions, Service Line Warranties of America (SLWA) and Service Line Warranties of Canada (SLWC) names. Since 2003, HomeServe has been protecting homeowners against the expense and inconvenience of water, sewer, electrical, HVAC and other home repair emergencies by providing affordable repair coverage and quality local service. As an A+ rated Better Business Bureau Accredited Business, HomeServe is dedicated to being a customer-focused company supplying best-in-class repair plans and other services to consumers directly and through over 475 leading municipal, utility and association partners. For more information about HomeServe, a 2017 Connecticut Top Workplace winner and recipient of seventeen 2017 Stevie Awards for Sales & Customer Service, please go to www.homeserveusa.com. For information on SLWA visit www.slwofa.com and for SLWC visit www.slwofc.com. To connect with HomeServe on Twitter and Facebook, please visit www.twitter.com/homeserveusa and www.facebook.com/HomeServeUSA.

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