Millennials, Gen-Z twice as likely as their parents to say Covid-19 upended their financial security. (via CNBCMakeIt)
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.
"There are a lot of young people that are kind of running around pulling their hair out right now," says Ken Dychtwald, psychologist and founder and CEO of Age Wave. Meanwhile, older generations reported having fortitude, Dychtwald says.The mental and financial resiliency of older generations is due, in part, to their ability to rely on safety nets, Dychtwald says. Those over 65 have Social Security and Medicare benefits that haven't been impacted by the pandemic.
Not only do older generations have safety nets, they're also more likely to rely on home equity to get through this latest financial upheaval. About 78% of retirees own their homes and 60% have paid off their mortgage, according to Age Wave. Many boomers are actually helping out their adult children. Since the pandemic began, 1 in 4 parents, which is roughly 24 million Americans according to Age Wave's estimates, have provided financial support to their adult children. About 37% of Gen Z respondents reported receiving aid from their parents, while about 26% say they've moved back home.These financial setbacks have long-term consequences for everyone, but especially for younger generations and their future finances.
Deutschland Neuesten Nachrichten, Deutschland Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
Millennials, Gen Zers say pandemic has derailed their financial independenceAbout 59% of young Americans say the pandemic has derailed their goal of becoming financially independent from family or other support, according to a new report by The Harris Poll on behalf of TD Ameritrade.
Weiterlesen »
Sorry, boomers and Gen X. Millennials, Gen Z and younger generations are the new majority in the US.The combined millennial, Generation Z and younger generations numbered 166 million people. Older cohorts represented 162 million.
Weiterlesen »
Why Gen Z Turned on Lin-Manuel MirandaTeens on TikTok have begun mercilessly mocking Lin-Manuel Miranda. Here's a look at why Gen Z turned on the Pulitzer Prize-winning Hamilton playwright
Weiterlesen »
Schools Begin To Reopen Amid Nationwide Coronavirus SurgeParents face the risks posed by COVID-19 as some states begin to reopen schools.
Weiterlesen »