Wondering what the impact of Coronavirus has had on different generations?
Evidence shows that the Covid -19 pandemic has affected different age groups in very different ways. A recent report* indicates that although older generations have suffered the greatest health impact, young people have borne the social and financial brunt of the outbreak.
The Financial Conduct Authority agreed that younger people have been among the worst hit financially, attributing this to their disproportionate likelihood to work within sectors most affected by the crisis, including retail, leisure and hospitality.
Younger and older workers face significant challenges
Recent data** confirms that this pattern in the intergenerational impact of Coronavirus extends into the workplace. Younger (under 25) and older (50+) workers face different, but very real challenges, with under-25s far more likely to be furloughed and over-50s more exposed to health risks due to their higher presence in sectors containing ‘key workers’.
Compounding the financial difficulties of younger people, severe disruption to education and training opportunities will make it harder for them to achieve employment in a depressed jobs market.
‘Middle’ age groups comparatively unharmed
Those between the ages of 25 and 50 are therefore less likely to be impacted by the financial and health risks of the pandemic. These generations are more likely to own their own homes, work in sectors less vulnerable to shut down, and are less at risk of severe health repercussions.
*OECD, 2020
**Business in the Community, 2020
Talk to us
If you would like expert advice on your pensions, investments or mortgages due to the covid-19 pandemic, we are here to help. Paul Clifford at Clifford Osborne is a highly experienced independent financial adviser (IFA). We always offer you a free initial financial review – so please get in touch. We’re based in Eastbourne, East Sussex, and can either carry out meetings online, or visit your home or workplace in Uckfield, Lewes, Brighton, Tunbridge Wells, Hastings, Bexhill, Newhaven, Seaford, Crowborough and further afield.
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The value of investments can go down as well as up and you may not get back the full amount you invested. The past is not a guide to future performance and past performance may not necessarily be repeated.
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