Effect of Covid-19 on Young Adults

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Nearly 60% said their financial independence has been completely derailed by the COVID-19 pandemic, a new survey from TD Ameritrade shows.

They join an increasing number of young adults are concerned about their financial future. Even prior to the pandemic, just over 61% admitted they were already stressed out by their finances and now it's even harder to project what their financial future will look like, the findings show.

"The COVID-19 crisis has intensified a sense of anxiety that young adults were already feeling about their ability to become financially independent," Keith Denerstein, director of investments and guidance at TD Ameritrade, told FOX Business.

As a result of the recent economic downturn, 69% said they expect to delay some life milestones. And 48% have put their plans for starting a family on hold, 46% said they have had to move back in with their parents.

82% of millennials and 87% of Gen Zers -- the oldest of which are about 24 years old -- crave financial independence, a sentiment that is reiterated by 89% of millennial parents and 83% Gen-Z parents.

Source: 60% of young adults say COVID-19 derailed financial independence

Can confirm. I am concerned about having a job lined up by the time I finish my graduate program this winter. That concern grows with each passing day, and I really don't know what will happen if the economy shuts down again because of the rising cases. My wife has a decent job she can work remotely, but if we want to have a baby or a home than I need to at least double my current income I receive as a stipend.

AHHH

I do not know if I can offer any advice. Perhaps my advise is NEVER GIVE UP. When I graduated from college, it was in the middle of a major recession. I applied for positions in person at 300 companies and mailed off another couple hundred resumes. NOTHING! I kept a box of rejection letters. But then as if by magic a job suddenly materialized and I interviewed and was offered a position. I worked for 40 years before I retired. As one of my ancillary duties I was also involved in recruitment and hired around 40 people over my career. Strange how things work out.

I like your story very much.

Gone the days when one would work in same place for more than 6-7 years straight.

Really?  I've worked for the same company for over 20 years without a single layoff or furlough.

In my generation, changing workplace every 5 years or so is a norm.
It's often a way to obtain promotion and/or pay rise when the old company is unwilling to renegociate.

I’ve been on my job almost 40 years.

Many of my co-workers—even people in their 20s and 30–have been at my job 5 years and more.

Let me add this to the general CoViD-19 hysteria...

This Imbriano is a local character who sees a conspiracy behind every event, and a conspirator in every shadow.  With daily memetic inoculations from him, a simple "Gone are the days..." statement from someone else just bounces off.

Last edited by Fnord on 07 Aug 2020, 10:09 am, edited 1 time in total.

Thank you, I will try to continue to hold onto that mentality.

What a time to be alive

There were worse.

I know these times are tough.

I hope you don’t feel I’m invalidating what you’re going through by saying that Magz is right. There have been “worse” times throughout history.

I don’t feel like Magz was seeking to invalidate what you’re going through.

I know it’s hard to keep perspective when you’re going through something. I had tax problems once. Yes, people had it worse than I do...but my problem felt like the “end of the world”

Myself. I find this whole COVID thing irritating and stressful—but at least I still have employment. I wish you were around a month ago, so I could have recommended that you apply for a Census position. Maybe you could still apply. They make at least about $13 an hour, and the training is paid, too. I work for them now. If you live in an urban area, the pay is higher.

Or build up your CV, I've done it too.

Yes, a lot of people lost their work because of Coronavirus or changed their lifestyle. It is great for those people who has business in developed countries cause governments are helping them practically with everything. I am afraid to imagine how world economy will look like in near future because now governments are paying money for free that means that we should expect a big economy crisis.

Another depressing casualty of the pandemic. I didn’t lose my job but things about it are a bit different and I miss how they used to be. I hope that problems like this are motivating the people making the vaccines and treatments to be successful and as quick as humanly possible. All this in itself is f***ed up.

I’m glad you’ve kept your job.

I am grateful that I’ve kept mine.