What You Need to Know
- Younger adults are the most likely to report a loss of income.
- They're more likely to be getting help from friends and relatives.
- They're also more likely to be giving help to friends and families.
The COVID-19 crisis may be affecting U.S. adults under the age of 40 more severely than it’s affecting U.S. adults ages 40 and older.
About 84% of millennials and members of “Generation Z” say the COVID-19 pandemic and pandemic response have caused a significant impact on their finances.
Only about 75% of members of Generation X, and 65% of the baby boomers, say the crisis has had a big effect on their finances.
Massachusetts Mutual Life Insurance Company has reported those findings in a summary of results from a survey of about 1,000 U.S. adults that was conducted from Feb. 19 through March 31.
Baby boomers are people born in 1946 to 1964. The youngest boomers are turning 57 this year.
Members of Generation X were born from 1965 through 1980. The youngest GenXers are turning 40 this year
Millennials were born from 1981 through 1996, and members of Generation Z, or “zoomers,” were born from 1997 through 2009.
The youngest millennials are turning 25 this year.