Worried about Money Because of COVID-19? 5 Tips for Millennials

Millennials have been between a rock and a hard place for years. The global pandemic has made matters worse for this generation, but there are some steps they can take to improve their finances going forward.

Photo illustration of a stick figure stuck between two rocks
(Image credit: Getty Images)

The financial fallout from COVID-19 has had an outsized impact on Millennials. In fact, a survey by the Pew Research Center found that 32% of younger Americans said the COVID-19 pandemic was a bigger threat to their finances than to their health.

According to our own upcoming Advisor Authority study of more than 2,500 advisers, financial professionals and individual investors, during the pandemic Millennials have been the generation that is far more likely to take a pay cut, be laid off from a job and take on added responsibilities as a caregiver for a family member or friend.

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This article was written by and presents the views of our contributing adviser, not the Kiplinger editorial staff. You can check adviser records with the SEC or with FINRA.

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Craig Hawley
Head of Nationwide's Annuity Distribution, Nationwide

Craig Hawley is a seasoned executive with more than 20 years in the financial services industry. As Head of Nationwide's Annuity Distribution, Mr. Hawley has helped build the company into a recognized innovator of financial products and services for RIAs, fee-based advisers and the clients they serve. Previously, Mr. Hawley served more than a decade as General Counsel and Secretary at Jefferson National. Mr. Hawley holds a J.D. and B.S. in Business Management from The University of Louisville.