Consumer spending, key to the health of the U.S. economy, is taking a hit from worries about the coronavirus pandemic.
Millennial and Gen Z are cutting their spending more than older people, although every generation is concerned, according to Firstinsight.com.
Experience has a lot to do with this. Millennials and Gen X not only remember the Great Recession, they are still digging out from wage setbacks, student debt and concerns about building the wealth they know they will need later.
Our double generations guide says, “The 2007-2009 Great Recession and the years after hit millions of Millennials at a critical time in their financial lives. It hurt more than just their income. It caused debt and reduced home ownership, which limited wealth accumulation. A 2018 report by the Federal Reserve Bank of St. Louis said some Millennials might never recover.”
Get to know the generations better in “100 Questions and Answers About Gen X and 100 Questions About Millennials,” available in one double guide from Amazon or the Front Edge Publishing bookstore.
