(WDVM) — Millennials have proven themselves to be slightly more resistant to the physical effects of the coronavirus, but the pandemic has still hit the generation hard in other areas. Namely, their pockets.
In a study done by Richard Barrington of mybanktracker.com, it was discovered that 30 percent of millennials have suffered a career setback due to the pandemic. The author of the study also found millennials were the most likely generation to have massive amounts of debt, the least likely to have investments in the stock market or elsewhere, and the most likely to be the first let go during job cuts.
“The reason we focused on millennials is that, when you add it all up, all those conditions make this year especially tough on them financially,” Barrington, a financial analyst, said.
Even millennials who haven’t lost their jobs have had to deal with financial loss during the pandemic. Many had to move to cheaper areas or move back in with relatives, and many others were forced to take pay cuts. And these factors are having a poor effect on their mental health.
“Life is depressing. Because you still have your bills that are the same as they’ve always been, but you’re not making enough. So it kind of just dims your mood,” Sade Davis, 27, said.
Still, there may be a silver lining to this harsh financial setback. Forty-four percent of people surveyed said they were able to save at least a little more than usual over the last several months. And Barrington is optimistic about what this experience will mean for the generation’s financial future, based on what similar experiences taught their elders.
“People who lived through the great depression — let’s say the grandparents and great-grandparents of millennials. That adversity taught that generation to be very careful about money,” Barrington said.