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The elderly are at increased risk of being severely affected by the new coronavirus, few have been lost. But the economic crisis that follows the virus affects young people much more, making it more difficult with jobs and savings. The crisis can even affect their thinking for the rest of their lives.
Many summer jobs in sectors such as tourism, restaurants and hotels are disappearing. Stock Photography.
After the fall of the Berlin Wall, young people became more open and positive to globalization according to generational research, while many were young when the Kennedy assassination occurred, they lost hope in the future, they trusted one less in the future. another and they became more religious.
Research shows that a large part of a person’s values arise when they are between 16 and 24 years old.
– It’s about things like music and clothing style, but also about how you look at the world. That doesn’t change much later in life, says Anders Parment, an economics doctor and generational researcher at Stockholm University.
He is convinced: the crown crisis will be the equivalent of this generation to the fall of the Berlin Wall or the Kennedy assassination.
– I think that those who are now between 16 and 24 years old will be more concerned and will not see globalization as something simply positive. But many will likely be less stressed and more focused on sustainability and digitization, he says.
A clear example of how an economic crisis affects people for the rest of their lives comes from Parment’s own research.
– A girl we interviewed had parents who bought houses in Stockholm with large loans just before the crisis of the nineties. She remembers how the phone line was turned off when they couldn’t pay, even though the parents were fine. She didn’t want to borrow money later in life, “You don’t know what can happen.”
Young people are also the most financially affected. When the crisis hits the labor market, they are the ones with the weakest connection to the most affected.
– Many classic summer jobs and internships disappear, which means that many young people lose an income and get much less on the CV. Also, the consequence is that more people choose to study and then there will be more competition for places there, says Jens Magnusson, a private economist at SEB.
The Stockholm Stock Exchange has fallen about 14 percent since the end of the year. The stock market career also beats different generations in different ways.
– Today’s pensioners or those close to the pension have largely defined benefit professional pensions, they are promised a certain part of their final salary. Most of the pension also consists of the general pension. In general, they are less affected by the stock market, says Magnusson.
– For younger people, a large part of the pension is exposed to the stock market and there is a substantial decrease in both pension assets and savings capital.
There is a potential flash of light for young people in the property market, where those who have not bought their home will be positively affected if prices fall.
– It may be a little cheaper to enter the real estate market. But those most affected by the drop in prices are those who have just bought their first home, if the market goes down, in the worst case, they may be forced to sell at a price that does not cover the loans taken, says Jens Magnusson .
The severity of everything depends entirely on how long the crisis lasts.
– In the short term, there is no major danger, a lost summer job does not destroy working life. But if the crisis continues, the younger generation can have big problems.
