Has Covid-19 hit us differently?
Hello there, seekers of the Truth. Knight Sky and I are back with answers to a fresh round of questions from our curious followers. And it’s a very relevant and current theme for today. The pandemic encroached on our lives in ways we could not have imagined and with each generation being as different as they are, has the impact of Covid-19 also affected these generations differently? I think it is an excellent question and kudos to you for asking it! Let’s explore this, shall we?
Covid-19 has been worrisome to all generations, but the Maturists and Baby Boomers were probably the most worried. The Maturists in particular, being the oldest generation alive today, were worried about vaccines since the media seemed to portray them (the over 60s) as the most vulnerable group to the virus and this interrupted their daily routines. Being unable to meet their grandkids, kids, do groceries and buy medicine must have added to this burden for sure. The Baby Boomers had similar struggles during the onset of the pandemic, but may not have been as vulnerable as the Maturists. On the plus side, they were almost forced to use new technology to keep in touch with family abroad and have now become more familiar with social media than before. Generation X has had it bad too. Being the generation that is on the verge of going on pension, they have faced massive pay cuts and job losses. Their children staying at home with no real direction of education during these uncertainties has added to their burden. So have rental income and other income sources falling. Generation Y has faced pay cuts too and a major portion of their work shifted to online platforms. They had to adjust to different work routines and times and had to think wide for extra sources of income. Most of their plans had to stay on hold. Generation Z on the other hand has also faced changes in jobs and have sought easy-going part time jobs. Most have spent the major portion of their day online to stay sane as they say. What do you think? Has this been you?
How has Covid-19 affected their investment choices at CBH Lands? Let’s see. With financial systems falling after the pandemic, the Maturists are fully convinced that real estate is a solid type of investment. They also highlight the importance of buying land with gardens and space, which is something valuable specially during a lockdown that restricts all types of movement. The Baby Boomers also saw a clear urgency in switching to real estate. Most switched from fixed deposits to real estate as the fixed deposit rates got lower. Gen X took time to adjust to the new life and restructured their entire wealth and income management. They were comfortable with 2-3 month payment plans and were more focused on the legal transfer aspects of the land than payment options. Gen Y saw a huge need for space. Most who were stuck in small apartments during lockdown craved space. The low lending rates during the time was a blessing in disguise and custom payment plans were made. Gen Z, after having tried various other income generating methods like cryptocurrency, settled on real estate and bought land together with friends.
Finally, what has each generation done with unspent money? The Maturists have saved up and are waiting to spend more time with family and friends. The Baby Boomers have saved up money too, some for leisure activities, travelling etc. Most look into investing in new business ventures to accumulate more wealth. Gen X is saving up for their children’s foreign education and migration and a few on leisure. Gen Y is looking at more reliable investments, some on leisure activity and also looking into splitting the pot. i.e. high risk, short term and low risk long term investments. Gen Z is a group who has been spending anyway and will probably continue to do so on anything they feel is important.
And that is all I have for you on this section, seekers. It has been a pleasure answering all your questions. We will meet again with a brand new topic some time soon! Till then, keep running after the Truth!