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The Economic Impact Of COVID-19 On Young People : 1A "The millennials as a generation were much more economically vulnerable going into this than Generation X...they have very little money in savings accounts, very little cushion, and that's not because of decisions millennials are making but the economy," says journalist Annie Lowrey.

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The Economic Impact Of COVID-19 On Young People

The Economic Impact Of COVID-19 On Young People

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People stand in line to enter a grocery store in Washington, DC. NICHOLAS KAMM/NICHOLAS KAMM/AFP via Getty Images hide caption

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NICHOLAS KAMM/NICHOLAS KAMM/AFP via Getty Images

People stand in line to enter a grocery store in Washington, DC.

NICHOLAS KAMM/NICHOLAS KAMM/AFP via Getty Images

We've already begun to see the devastating economic impact of the coronavirus pandemic—more than 26 million Americans have lost their jobs or been furloughed, and businesses across the country have shut their doors indefinitely.

It's the younger generations however—Millennials and Generation Z—who will likely bear the greatest financial brunt of this. Many millennials entered a workforce that hadn't yet recovered from the 2008 recession. Now they're being hit hard again by the pandemic.

The consequences of young Americans facing yet another economic crisis will affect generations to come, and the repercussions won't only be financial.

We spoke about the pandemic's effect on younger generations with Annie Lowrey, staff writer at The Atlantic and Kara Perez, financial educator and founder of Bravely.

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