Millennials (those born between 1981 and 1996) were particularly hit hard by the Great Recession of 2008-9. In their thirties and forties, they were just graduating college at that time and had incurred unprecedented levels of student debt. With levels of very high unemployment and having to accept lower paying and interim jobs in the gig economy, they also missed out on crucial years of wage growth because of the 2008 downturn. A decade later, many millennials have built up savings and were preparing to buy a house when COVID-19 hit. Suddenly, the economy is once again severely hit, unemployment has begun to rise and the predicted recession is expected to last longer and to be as serious as that a decade ago.
A new survey disclosed by the Financial Post indicated that almost three out of five or 57 percent of Canadians have already taken a financial hit from the coronavirus crisis. Younger adults reported feeling the biggest impact, including 67 percent of millennials. In addition, 37 percent of millennials said they have had their hours reduced because of workplace closures, especially in deemed non-essential sectors. In March, Statistics Canada reported that the jobless rate spiked to 7.8 percent. Most of those Canadians affected by the current downturn said they are concerned about paying their bills, including 78 percent of millennials who represented the largest such affected grouping. More than half of the people surveyed expected that they would not be able to pay their bills and loans within four weeks.
Millennials, because of their debt burdens and a pricy housing market, had reportedly been slow to dive into home ownership which as we know is a key way to build wealth. As was the case in 2008-9, Boomers ended up staying in the workforce longer than normally expected because of the stock market decline which particularly battered their retirement savings. As for those in white-collar professions, we once again can expect that millennials will get stymied in career advancement because another recession means Boomers (most now nearing or over 65) won’t retire on schedule.
While all of us must adjust to the realities caused by COVID-19’s impact on the economy and life in general, younger workers will b forced to adjust the most. Despite all of the governments’ financial assistance, there can be no substitute for full-time work and the accompanying earnings, work experience and benefits. For millennials in particular, the timing of the two crushing events within a decade is especially damaging. Down the road when the economy begins hopefully to recover, both society at large and employers specifically will have to consider the financial and psychological impacts of this recession on millennials.
FROLITICKS 
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