The COVID-19 pandemic has seen the economy descend into a downward spiral. Amidst the scramble, millennials were amongst the first to be hit by job losses, pay cuts and halted business operations. This piece explores how millennials can come out of this spiral in a structured and disciplined manner; by building a comprehensive financial plan to meet their financial goals and be prepared for future exigencies.
COVID-19 turned 2020 into a nightmare. We are not just living under the fear of the virus but also suffering the adverse impact it had on the economy. Millennials have been worst hit as many have lost their jobs. Indeed, according to a report, at least 2 out of 5 millennials have had their finances impacted adversely due to the pandemic.
Businesses headed south, and the worst part is we are yet to find a solution to the problem. Quite a few salaried individuals have lost their jobs or suffered pay cuts, and most have seen annual increments and incentives being withheld. Yet others are living under the constant fear of losing their job any time as situation is not expected to change soon.
Yes, this year was more about survival than anything else. Most of our annual plans s...