Millennials are facing their second “once in a lifetime” financial downturn, and this time Gen Z will be enormously impacted as well. According to a Data for Progress report, 52% of people younger than 45-years-old have lost a job, been put on leave, or had their hours reduced due to the pandemic, compared with 26% of people over that age. (YPulse research shows 13% of 19-37-year-olds have lost their jobs because of Coronavirus.) Millennials were already in a more precarious financial position than previous generations thanks to the Great Recession, and nearly half say stimulus payments will cover just up to two weeks of expenses. Meanwhile, while Gen Z is losing work and career opportunities, many won’t be receiving stimulus checks because of the bill’s loopholes and will likely be graduating into a recession that will permanently impact their financial futures. (The Atlantic, Business Insider)
