The pandemic has divided the population, by age, profession and where in the country they reside. Divisions unfortunately often create tensions not least between the generations.
With students stranded in halls of residence whilst learning online, many feeling resentful over tuition fees and worsening job prospects, there is rising concern about the economic impact of the pandemic upon Gen Z. In fact, a recent summary of youth unemployment statistics revealed, ‘581,000 young people aged 16-24 were unemployed in June-August 2020, an increase of 35,000 from the previous quarter and an increase of 87,000 from the year before.’
According to the Intergenerational Foundation (IF), ‘Younger generations are under pressure like never before. IF was established to draw policy-makers’ attention to this, and to get a fairer deal for young people. It concentrates on policies in housing, health and higher education, employment, taxation, pensions, voting, transport and environmental degradation.’
Empathise to connect
The pandemic has brought extra concerns for older generations, too. One worry for the elderly has been poor access to cash and banking services, with ATM and branch numbers declining. According to Age UK, ‘We are hurtling towards a cashless society with no real consideration for the many people who will be left behind.’
Plenty of older people acknowledge the challenges that upcoming generations face and often help financially at important life-stages, if concern about funding their own future care allows.
It’s about family
In addition to heightening intergenerational issues, the pandemic has highlighted health, social, emotional and financial vulnerabilities – every generation has felt the impact. Many people have reflected on the balance in their lives, importance of feeling connected and to talk. And although generational divides exist, despite enduring time apart, it’s brought many of us closer.
You may be in a position where you want to engage your family in a conversation about finances. If so, we understand your apprehension because money can be a contentious subject. Although ‘wealth transfer’ is such an abstract term for such an emotional topic, we can help break down any barriers and get your family talking in a positive and productive way.
The value of investments and income from them may go down. You may not get back the original amount invested.