Here are four ways the coronavirus is affecting millennials' financial behaviour.

Millennials are cutting back on spending

Millennials – and Gen Z – are tightening their wallets as coronavirus sparks recession fears.

While those of all generations are concerned about the financial effects of the coronavirus, “millennials' behaviour is changing more dramatically than any other generation”, Greg Petro, CEO of retail analytics company First Insight, told CNBC. “They are going to cut their spending.”

More than half (54 per cent) of US millennials surveyed said the coronavirus has impacted their purchasing decisions – more than any other generation, according to a First Insight survey published on February 28. It's caused 40 per cent of millennials to say they're cutting back on spending in preparation for the spread of coronavirus.

When millennials do shop, they're doing so online

Millennials are also cutting back on in-person shopping trips – 39 per cent said they're shopping less frequently in stores, compared to 30 per cent of overall respondents, reported Thomas, citing the First Insight survey. And 30 per cent said they're shopping more frequently online instead, compared to 21 per cent of respondents across all age ranges.

That includes online grocery shopping, which has seen an uptick in demand thanks to coronavirus.

Consider New York City’s online grocery ordering service FreshDirect, which said it is seeing an increase in orders from both new and existing customers, Thomas reported. “Our data leads us to believe customers are preparing more meals at home, and are consuming more fresh and organic food to stay healthy,” chief merchandising officer Scott Crawford said in a statement.

And they're taking advantage of delivery apps and services more than ever

Thirty per cent of millennial respondents in the First Insight survey also said they're taking advantage of kerbside pickup.

Coronavirus has spurred the rise of no-contact food delivery, Hilary Russ reported for Reuters. Instead, delivery drivers are leaving meals on doorsteps and consumers are texting their drivers pictures of where they want their food dropped off, she wrote. US-based delivery apps Postmates and DoorDash are both rolling out contactless delivery options.

However, as the coronavirus spreads, worries over contaminated food and a scarcity of drivers in the event of a quarantine could put delivery app usage on the decline, Sibile Marcellus reported for Yahoo.

Millennials are more likely to turn to other sources for help paying for coronavirus treatment costs

Nearly half of insured Americans think they can't afford to get sick with coronavirus, according to a Healthcare.com and YouGov poll. But younger people are more concerned about paying for coronavirus treatment and testing than older people.

Of those aged 18 to 34, 35 per cent are not confident they could deal with costs compared to 24 per cent of those aged 55 and older, according to additional poll data from Healthcare.com.

That might explain why respondents between age 18 and 34 are five times more likely than those who are 55 and older (24 per cent versus four per cent) to borrow money from family members to pay for coronavirus costs. They're also more likely to put costs on their credit card, but only by three percentage points more.

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This article originally appeared in Business Insider.