The worldwide COVID-19 pandemic is taking a financial bite out of millennials and Gen-Z's.
Luckily, free markets give us the opportunity to bounce back. Right now, there are more than 100 companies competing to find a COVID-19 vaccine that will help end the economic lockdown.
Financial experts say the next generations will be much more financially cautious than baby boomers, but that they will likely take steps to ensure that they understand their finances more than previous generations.
Younger Americans are reporting that the coronavirus pandemic has negatively impacted, or even wrecked, their financial stability at rates almost twice as high as their baby boomer parents. While the pandemic is potentially more of a health concern for older generations, younger Americans are feeling the financial impact.
That’s according to a new report from Age Wave and Edward Jones that surveyed 9,000 Americans across five generations in May and June. The report found that roughly a third of millennials (ages 24 to 39) and Gen Z (ages 18 to 23) say that Covid-19 has had an extreme or very negative impact on their financial security. Meanwhile, only 16% of baby boomers (ages 56 to 74) and just 6% of the silent generation (ages 75 and older) felt the same.
