Abstract
AbstractThis study aims to examine how COVID‐19 affects the views of the members of Generation Y (millennials) regarding their financial future. The literature often describes and perceives millennials as spoiled, unindustrious and lacking in focus. This research uses data collected via interviews with 20 participants in their 20s and 30s who live in the centre of Israel. The participants were recruited by a polling company during September 2021. The study finds that participants’ behaviour during this crisis was more level‐headed than in the past due to their understanding that the future is uncertain and they can rely on no one other than themselves. The study's participants reported making decisions to improve their financial future. Most view COVID‐19 as a rare opportunity to make changes in their lives, primarily in their finances and their employment. This is reflected by current choices intended to create a better financial future for themselves. The main finding of this research is that following the shock caused by the COVID‐19 pandemic, millennials have been forced to take care of themselves. They understand that if their parents get sick, they will not be able to continue making a living and will be unable to provide financial help to their children.
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