The Coronavirus showed up with bells on and made a permanent impact on life as we know it. As much as we want things to go back to normal, our future awaits a new normal. We are and will continue to be affected in many ways including financially. While no one can predict the future, a few things can be expected and the rise of technology and how that impacts our finances is one of them. New banking laws have already been passed and more changes are sure to roll out. This will affect us all – including young adults, teens, and children.
It’s not all bad. Working from home is a transition that many celebrated and likely wanted before the Coronavirus appeared. It saves time, energy and money. Now many, if not all, companies will be looking for ways to stay afloat if the virus reappears as some health experts have predicted. This means the local restaurant renowned for its quaint and hospitable atmosphere will be looking for a way to go digital. Online orders and delivery will be the standard. A local grocery store near me just installed self-checkout lines. The fact is, all companies are now looking for a way to reduce the amount of staff in physical locations and stay profitable. What does that mean for us and the economy?
Finding work may have always posed a measure of difficulty for most, but now the stakes are higher. Digital skills and the ability to excel online are imperative. Even some essential jobs will slowly decrease as companies look for ways to streamline. This, however, shouldn’t cause fear or panic because it won’t happen overnight. Now is a good time to stay ahead of the curve by improving your current skills, learning new ones, and creating ways to supplement your income.
What about young adults who are just entering the workforce? They are fresh out of college, bright and hopeful, but who’s hiring? Plenty still are. More innovation may be needed to locate a suitable position depending on our field, but companies are still employing individuals. Especially companies that were already well suited for a situation like this. Zoom is one popular example. Be open to a variety of opportunities even if you had your eyes on just one. Valuable experience can be gained in any position.
Are teenagers affected by the economy too? Certainly. A major lifestyle change may be on the horizon. Or maybe it has already hit. Previously, $20 from mom or dad for a movie wasn’t an issue. Now, not only is money tight, but the movie theatre is shut down. While it may seem trivial to some parents, please note that this is a major change for a teenager. Parents can help their teens adjust by doing other activities as a family. Walks, bike rides, and family games are excellent examples to incorporate even after the pandemic is over. Teenagers may also find creative ways to help out while getting some fresh air. Perhaps older ones nearby need groceries, but are not advised to go out. Assisting others by making masks, talking the electronically-challenged through using their devices, and sending care packages are also great ways to spend the time at home while doing good for others.
Also, now is a good time to think about the future. Is your current ideal college still a good choice? Is your current ideal profession still practical? Teenagers have an advantage because there is still time to plan the framework of their future with the guidance of their parents. Now is a good time to reevaluate future plans.
And let’s not forget the children who are notably affected by this pandemic. All of that youthful energy is now inside the house and they are taking classes online. It’s likely that once schools reopen there will still be a significant portion of online work. Activities they once enjoyed involving their peers such as soccer practice, dance classes, and playgroups have been moved to online platforms. Now is a good time to teach children the value of money and help them to adapt to unexpected circumstances. Two life lessons that all of us need.
Remember when you could go up to the glass and wave to your family members as their plane left the gate? Remember when we could take liquids on the plane? Now we live in a new normal. Something similar is sure to occur after Covid-19. Another new normal will affect our finances, travel, healthcare and more. We will adapt and we will grow.
Until next time,
Crystal
Crystal Hicks is an accountant with well over a decade of experience in tax, finance, audit and accounting in New York and Florida. Each week in Money Talks, she’ll share her advice to help individuals to navigate their financial challenges!
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