{"id":1819,"date":"2022-05-19T08:37:29","date_gmt":"2022-05-19T13:37:29","guid":{"rendered":"https:\/\/www.bbrown.com\/?post_type=insight&p=1819"},"modified":"2022-06-02T09:49:17","modified_gmt":"2022-06-02T14:49:17","slug":"the-lasting-impact-of-covid-19-by-generation-how-can-employers-focus-their-efforts","status":"publish","type":"insight","link":"https:\/\/www.bbrown.com\/us\/insight\/the-lasting-impact-of-covid-19-by-generation-how-can-employers-focus-their-efforts\/","title":{"rendered":"The Lasting Impact of COVID-19 by Generation: How Employers Can Focus Their Efforts"},"content":{"rendered":"

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Employee Benefits<\/p>\n

\n The Lasting Impact of COVID-19 by Generation: How Can Employers Focus Their Efforts\n <\/h1>\n\t\n <\/div>\t\t\t\t\t\n\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n\n\t<\/div>\n\n\t\n[\/vc_column][\/vc_row][vc_row][vc_column width=”2\/3″]\n
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\n The Lasting Impact of COVID-19 by Generation: How Employers Can Focus Their Efforts\n <\/h1>\n\t\n <\/div>[vc_column_text]As we progress through the third calendar year of COVID-19, the pandemic\u2019s far-reaching implications continue to unfold as new data and updated trends emerge for large populations and generations. These trends include financial impacts and mental and physical health concerns that may affect each generation differently.\u00a0<\/span>\u00a0<\/span><\/p>\n

The pandemic has drastically impacted many people\u2019s economic standing. COVID-19 has been credited with a legacy of increased debt, with <\/span>70%<\/span><\/a> of adults holding personal debt. Over half of Americans said they took on consumer debt because of the pandemic, and 48% said it would take over a year to pay it off. As we continue to move through the pandemic, many of these Americans have been able to pay back credit card balances and recover\u2014this trend is likely to continue as we move into the endemic phase. However, the long-reaching financial impacts go beyond debt. They include delayed start to careers, many leaving the workforce altogether, not advancing as expected and having to retire later than planned.<\/span>\u00a0<\/span><\/p>\n

Additionally, the pandemic\u2019s effect on mental and physical health cannot be understated. While older generations face more risk of contracting the virus, <\/span>nearly half<\/span><\/a> of Generation Z and Millennials report mental health deterioration and relationship hardships, decreasing their psychological well-being due to COVID-19.<\/span>\u00a0<\/span><\/p>\n

Research<\/span><\/a> shows that misinformation, especially related to health, can increase the presentation of mental health issues. <\/span>Anxiety and depression<\/span><\/a> were already on the rise before the pandemic, and stressors and isolation caused these illnesses to become even more commonplace. This increase in anxiety can lead to poor health choices, leading to people exercising less at home, exacerbating stress and developing, or poorly managing, chronic conditions. Resiliency is not a given, and many people are still struggling.<\/span>\u00a0<\/span><\/p>\n

\u00a0<\/span>Employer- and employer-sponsored benefits can provide vital support, resources and education for employees. While some themes run through all generations, there are ways you can target and support each generation specifically.<\/span><\/p>\n

Generation Z (Born 1997-2012, Aged 10-25)<\/h3>\n

Generation Z (Gen Z) is entering the workforce during a tumultuous time. Currently, <\/span>46.5%<\/span><\/a> of young adults live with their parents. Many experienced canceled internships and delayed careers while facing <\/span>$1.57 trillion in education debt<\/span><\/a>. On top of this, Gen Z has less work experience than previous generations did at this age. In <\/span>2018, only 18%<\/span><\/a> of Gen Z teens aged 15 to 17 had a job, compared to 27% of millennials in 2002 and 41% of Gen X in 1986. Combined with canceled work experiences and decreased opportunities due to the pandemic, many enter the workforce with less training and support than previous generations.<\/span>\u00a0<\/span><\/p>\n

\u00a0<\/span>Already labeled the <\/span>most stressed-out generation<\/span><\/a>, the pandemic has furthered the toll on Gen Z\u2019s mental health. In 2021, it was reported that nearly <\/span>half of Gen Z<\/span><\/a> struggle with feelings of hopelessness and that work and financial issues contribute to these feelings of stress. Therapy can be an option to help with these feelings; however, it is often seen as counter-intuitive because of the cost. Today, young Americans hold less than half of the amount of wealth the previous generations held in the 1990s, and their financial futures remain unclear. In addition, these stressors can overflow into the workplace, impacting focus, engagement, decision-making and overall motivation to work.<\/span>\u00a0<\/span><\/p>\n

\u00a0<\/span>Despite being born into the digital age, <\/span>40% of Gen Z prefer returning<\/span><\/a> to the physical workplace rather than remaining remote. This generation is the most eager to return to offices, as for many, this signifies their first professional job.<\/span>\u00a0<\/span><\/p>\n

\u00a0<\/span>Many Gen Z employees are still eligible to be on their parent\u2019s benefits plan. Since they are still entering the world of employee benefits, this group may need additional resources, training and guidance on benefits.\u00a0<\/span>\u00a0<\/span><\/p>\n

\u00a0How Employers Can Support Employees\u00a0<\/strong><\/p>\n