The pandemic may hurt Millennials more than Baby Boomers

Oh, those Millennials; always struggling. Now, burdened with student loan debt, they may be in worse shape than their parents to deal with the pandemic.

Therapist Lori Vann says the younger generation doesn't necessarily know about the need to save for a rough patch.

"Millennials have been raised more so with 'well, just put it on a card' and it's much more detached, financially, from them and I think that's one of the problems."

Vann says many Millennials were coddled by their parents and are only now learning how important it is to prepare for the worst.

"And maybe there's also been more enabling, with the economy good, so maybe they got a little spoiled and they got whatever they wanted or they got bailed out more and now mom and dad can't bail them out because mom and dad might be struggling, too."

Lots of Millennials are burdened with student loan debt and they may not yet have jobs that make them "essential workers" so they're being laid off and furloughed at a higher rate than Baby Boomers.

Sponsored Content

Sponsored Content