April 2020
The Coronavirus has impacted the purchase decisions of consumers in every age group, but Millennials have cut back most of all – Fully 40% say they have cut back on spending, compared to only 23% of Baby Boomers. Younger Americans had a more precarious financial situation before the pandemic, and higher job losses have only exacerbated their need to pinch pennies. (First Insight)
Older Americans are the least concerned about contracting Coronavirus, despite exposure being much riskier for those 60 and over. Old age today feels culturally very different than it did a few decades ago and, in classic Baby Boomer fashion, this generation still sees themselves as forever young. (Rolling Stone)
Social distancing may be the new, stressful norm, but for some Gen Z employees it brings welcome change regarding physical contact in the workplace. While laidback Millennial and Xer colleagues are more comfortable hugging at work, younger hires choose to forgo casual touching and will likely bring about a return to more traditional professionalism. (Reflektive)
An enterprise columnist examines the difference between great leadership and great management during a time of crisis. While often similar, the contrast lies in the periods between crises, and in long-term strategy versus short-term tactics – in brief: A manager does things right, while a leader does the right thing.” (The Wall Street Journal)
A record high 20% of the US population now lives in a multigenerational home, a common arrangement that has become unexpectedly complicated in an era of stay-at-home orders. “Sandwiched” Xers are the generation most likely to be grappling with the logistical difficulties of working remotely, watching children home from school, and keeping at-risk, elderly parents safe. (Quartz)
Millennials have been largely unaffected by recent market troubles because very few young people actually have retirement and investment accounts. Despite being very risk-averse, this generation’s adulthood has thus far been marred by crises and recessions that have kept them from accumulating significant assets. (CNBC)
A leadership and management professor explains, in snarky Xer fashion, why her generation has all the necessary traits to weather the Covid-19 storm. In many ways, she’s right: Pragmatic and independent, Gen Xers have the work ethic and steadfastness to show other generations how to persevere through a crisis. (NBC)
While blue-collar workers were disproportionately affected by initial Coronavirus lay-offs, recent news shows that white-collar employees are not immune to the economic downturn. Although professionals may have the job description and flexibility necessary to work remotely during the pandemic, a sustained decline in aggregate demand will have far-reaching consequences. (The Washington Post)