There could be an argument made that the word ‘Millennial’ or ‘Gen Z’ never needs to be in another headline ever again.
Leave it to COVID-19 to ruin that idea, too.
The pandemic is not only affecting socioeconomic groups differently, but there’s also a generational divide.
Bloomberg recently featured an op-ed laying out the case that Millennials and Gen Z are bearing the brunt of the pandemic’s economic effects.
The socioeconomic gut punch is another in a long line upcoming generations have had to deal with. Many were entering adolescence when 9/11 happened, and 7-years-later they were just trying to start their careers and lives when the Great Recession took the wind out of their sails in the fallout from the 2008 financial crises.
The effects of these events ripple through to today, as many people in their 30’s and younger find themselves in jobs and careers that are not yet solid, having delayed or put off big life milestones like marriage, children, or buying a house.
The coronavirus pandemic is the latest set back that is potentially defining current and younger generations, as a bigger rift is wedged in the generational inequality divide.
Even prior to the pandemic, generational wealth inequality was worsening. By median age 35, baby boomers, those born between 1946-1694, owned 21 percent of the nation’s wealth. In contrast, Millennialonly account for 3.2 percent.