Coronavirus could completely derail the careers of Gen Z, they might end up a lot like older millennials

• Some of the oldest members of Generation Z are set to graduate into a possible recession, as the coronavirus pandemic continues to disrupt the economic outlook of the US.

• College seniors at the University of Southern California, where this writer graduated from in 2019, told Business Insider that this was a “worrisome” time. One recent graduate said that the impact of a recession would be “devastating” on her.

• If Gen Z does graduate into a recession, they could find themselves on the same financial path as older millennials, who are expected to be the first generation that is worse off financially than their parents.

Tomas Mier, a first generation college student, had big plans for his final semester at the University of Southern California: complete his internship, get good grades, and have his parents, who immigrated to the US from Mexico, watch him walk across the stage at graduation.

Then, the coronavirus pandemic hit. Suddenly, classes and work were moved online, and USC canceled its in-person graduation ceremony. But even those disruptions were eclipsed by the threat of the looming recession.

Mier and other Gen Zers have little time to mourn the loss of their final semester, because an economic collapse can set back their futures. It could leave them like the older millennials who graduated during the Great Recession, with grim job outlooks and a stagnation in financial growth that can potentially last almost 15 years.

Gen Zers know that this year, graduation caps will not be thrown into the air. But they’re still holding out hope for economic prosperity — however much longer it may take to get there.

Read on to see how Gen Z has already been affected by the looming recession and to hear how college students and recent graduates are bracing for its inevitable impact.

Experts are expecting the United States to plunge into a recession before the coronavirus pandemic is even over.

The generation that will feel the brunt of an economic downturn is Generation Z, most of whom have yet to even graduate from high school. According to the Pew Research Center, Gen Zers are between the ages of 7 and 22 this year.

The oldest of Gen Z have already spoken out about their canceled job interviews and internship opportunities amid social distancing policies necessitated by the pandemic, as colleges move online and graduations are postponed across the nation.

The full impact that the coronavirus will have on the job market has yet to be seen. But for those who have not become unemployed, many jobs, college classes, and internships have become remote, which poses its own advantages and challenges.

On the bright side, remote work allows companies to hire flexible workers, opening up opportunities for those who cannot relocate to big cities and for those who are traditionally marginalized or sidelined in the labor force.

Business Insider’s Shana Lebowitz previously reported that companies are beginning to learn that employees can still get their work done, despite not coming into an office. “Social distancing” — like what is happening now as a result of the coronavirus pandemic — actually has the possibility of creating 15 million jobs in the next decade.

At the same time, remote work isn’t for everyone, and there are some downsides that come with it. Some do not have constant access to technology, or a safe at-home working environment. Business Insider’s Natalia Lusinski reported that there are many unique challenges that come along with working from home, such as technological difficulties, the lack of set office hours, a dearth of human interaction, and feelings of loneliness.

And even remote work doesn’t have a steady or reliable future. The bank UBS’s Chief US Economist Seth Carpenter notes that if a recession does hit, once people begin to enter and reenter the workforce, many will probably focus on paying down debt or boosting savings, rather than discretionary spending. This decreased spending will hurt numerous retailers, many of whom employ Gen Zers early in their careers.

Business Insider’s Taylor Nicole Rogers previously reported that Generation Z is expected to be disproportionately affected by coronavirus layoffs.

Nearly a third of Gen Z workers have already reported being put on leave by their employers, compared to just 13% of older workers between the ages of 35 and 54.

These are young people often working in industries such as retail and hospitality, which have already seen massive disruptions. Hundreds, if not thousands, of stores, restaurants, and coffee shops have shuttered nationwide as state governments mandate the closure of “non-essential” businesses to stave off the virus’ spread.

Source: Business Insider