It seems different age groups have been impacted by the pandemic in vastly different ways. And although older generations have irrefutably suffered the most significant health impact, it seems younger generations have shouldered both the financial and social burden of the outbreak, research concludes*.
The FCA concur, younger people have taken the prime financial hit. This can be attributed to the distinct probability that they are working in some of the sectors most affected by the pandemic, including retail, leisure and hospitality.
Significant challenges faced by all
This intergenerational pattern manifests in the workplace too**. Younger (under 25) and older (50+) workers face distinctive, but real, challenges. Those aged under 25 are more likely to be furloughed, while over-50s are more exposed to health risks because of their increased presence in sectors containing key workers.
In addition, disruption to training opportunities and education will make it harder for younger people to achieve employment in a depressed jobs market.
Comfortable in the middle?
Those aged between 25 and 50 are at lower risk of being impacted by the health and financial risks of the pandemic. They are more likely to own their own homes, are at lower risk of severe health implications and have a greater chance of working in sectors less vulnerable to shut down.
Chin up
Whatever age you are, why not get in touch, we can advise on all aspects of your financial planning.
*OECD, 2020
**Business in the Community, 2020