Millennials Had a Financial Crisis, Generation Z Has a Pandemic

The COVID-19 pandemic triggered a severe economic crisis, disproportionately affecting young people, especially Generation Z. The unemployment rate for youth soared, and many entry-level jobs were lost, impacting their education and career prospects. Federal Reserve Bank of Richmond President Tom Barkin highlighted the challenges faced by young workers and the importance of entry-level jobs in developing essential skills. The video explores the unique challenges of this recession and the need to support young people in navigating the new economy.

What made the recession caused by the COVID-19 pandemic unique?

• It only impacted the healthcare sector.

• It affected all sectors equally.

• It led to an increase in high-paying jobs.

• It was idiosyncratic, affecting specific parts of the economy.

Which demographic group experienced the most severe impact from the pandemic?

• Generation Z

• Baby Boomers

• Millennials

• Generation X

What was the unemployment rate for 16 to 19-year-olds in April during the pandemic?

• 14.7%

• 20%

• 40%

• 30%

Why are entry-level jobs important for young workers?

• They are only available to college graduates.

• They provide high salaries.

• They offer opportunities to learn soft skills and gain financial independence.

• They guarantee job security.

Which sector was directly targeted by the virus, affecting young workers?

• Manufacturing

• Finance

• Personal contact service jobs

• Technology