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Christine Percheski, demographer and associate professor of sociology at Northwestern University, previously told Insider that the pandemic has exacerbated the high income inequality that existed among millennials pre-Covid.
"This pandemic is widening economic inequalities within millennials, with some millennials relatively unscathed economically and others just completely financially devastated by unemployment losses, increased childcare costs, lost economic opportunities, and lingering health problems that they or family members are going to experience," she said.
Millennials who already had lower earnings prepandemic and millennials with children are among those in the generation suffering the most right now, she added. Those who found themselves unemployed are likely "burning through whatever savings they had," Percheski said.
On the other end of the spectrum is a group of wealthier millennials that's been able to spend less disposable income than in non-COVID times and built up some savings during the pandemic, according to Percheski.
While some of these millennials are now allocating discretionary income toward savings, paying off debt, and investing in retirement, others have rushed to cash in on a stock market recovery.