Coronavirus: Millennials more likely to take financial hit from COVID-19 pandemic

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Millennials are more likely to be impacted financially by the coronavirus pandemic than any other generation, according to a report by the Morning Consult published on Monday.

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Morning Consult, established in 2014, describes itself as “a global data intelligence company delivering insights on what people think in real time by surveying tens of thousands across the globe every single day,” according to its website.

Of any generation, millennials – people born between roughly 1981 and 1996 – were most likely to say that the coronavirus pandemic is having a “major” impact on their finances, at 39 percent.

An additional 41 percent said it has had a “minor impact,” and 20 percent said it has had no impact at all, according to the report.
Meanwhile, the report added that among all adults, 28 percent said the coronavirus pandemic has had a major impact financially, and 45 percent said it had a minor impact.

The report is part of a larger series by the company, which looks at how the coronavirus pandemic “could permanently alter millennials’ behavior and how, in turn, that could impact the economy at large. The data is drawn from a poll of 4,400 adults, including 1,287 millennials.”

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More than 1 million people have died of COVID-19 around the world as of Tuesday, according to a Reuters tally, with the pace of fatalities picking up as infections again surge in several countries.

In April, the IMF predicted that coronavirus would likely cause the greatest global recession in nearly a century, with the Middle East, North Africa, Afghanistan, and Pakistan (MENAP) region set to contract by 3.1 percent in 2020. Oil exporters in MENAP will contract by even more – 4.2 percent.

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