Millennials may be in trouble
August 18, 2020 - By Dr. Di
No matter your age, most everyone is struggling to some extent with the effects of the
pandemic. But the Millennials are suffering the most. They secured their first jobs out of
school during a recession that was the worst since the Great Depression.
Unemployment was high, and it was hard to find a good job at a competitive salary.
Experts say it can take 20 years to overcome the slow start that many Millennials had,
with some still doing the contract work that they were forced into early on. But some
Millennials were beginning to feel that their heads were finally above water at the
beginning of 2020.
Enter the virus, with its lockdowns and major uncertainly. And, Millennials, especially
those without college degrees, are being laid off more than the older, more established
employees. Some had finally bought their first homes or started their families and are
scrambling to make ends meet. Many still have outstanding student debt.
Other generations have their problems, too: Boomers are seeing their retirement
income drop as the stock market tank; some Gen Xers are able to work from home, but
many are not; and those (Gen Z) who are graduating now are facing an upside-down
foreseeable future. But Millennials, who have taken a double hit in their relatively short
lives, are the ones who need all the help they can get.