Millennials are bearing the brunt of the financial impact of the coronavirus pandemic across the globe and here in the United States, according to research that was released yesterday by TransUnion.
Worldwide, 76% of Millennials who participated in a survey said their household incomes have been negatively impacted by COVID-19, compared with 64% of members of other generations. Here in the United States, 69% of Millennials and 58% of members of other generations have lost income because of the pandemic.
More than one in five Millennials have lost their job because of the pandemic, compared with 16% of individuals from other generations, according to TransUnion’s survey. And 48% of Millennials have had the number of hours they work reduced, compared with 32% of individuals from other generations.
More than 60% of Millennials in the United States reported that they are unable to pay for shelter, whether it be rent or a mortgage, compared with 57% for other generations.
“The big question most everyone is asking is how long the pandemic will last and what will be the impact on the global economy. No crystal ball exists. And people living today have never faced a similar global pandemic with such a far-reaching impact,” said Charlie Wise, head of global research and consulting at TransUnion. “The good news is the research demonstrates that people are resilient, and most have figured out a plan for how they will manage their finances until economies re-open and employment opportunities return.”
The survey did reveal that people are making appropriate arrangements to help deal with this crisis. Nearly 90% of respondents said they had a plan to “deal with the financial gap” created by coronavirus.
