Disrupted at Launch: Learning from the resilience of the rising generation of women
MoneyGirls is built for the rising generation of motivated women. Since our launch last fall, their engagement with us has given us an unparalleled view into their minds as they ready themselves for independence. As COVID struck, each of these remarkable women stood at the precipice to some of life’s major milestones. First jobs and graduations. New cities and vital internships. For many, the crucial early events that propel a person’s trajectory vanished. The one-two punch of pandemic and recession has disturbed every corner in the country, and the impact on those just launching their lives is particularly complex.
We wanted to fully understand the ways COVID has impacted the plans and outlook of these women (beyond the common headlines we read). Since we have more access than most companies to the insights of these women, we took our questions directly to the source. We asked the sizable base of MoneyGirls members — all between the ages of 18–25 — a wide range of questions, from how their financial and career plans have changed to how the pandemic will affect their futures. We were SO blown away by their responses that we will release fuller findings soon, but the sheer magnitude of disruptions that these women revealed surprised us to such a degree that we felt the need to share some insights now.
Their first career steps have taken BIG hits and their living situations have been massively disrupted.
1 out of 4 respondents reported a rescinded or delayed job offer, and fully 50% of those with internships saw them cancelled, shortened, or delayed. Of those working, 40% were furloughed, laid off, or experienced reduced pay or hours. These setbacks are innumerable, and the overall impact of such disruption at the start of a career is too tough to quantify this early.
In addition to facing challenges to their career momentum, these women have been uprooted from the lives they were building, with 71% moving back in with their parents since the onset of COVID. 20% of respondents delayed signing a lease, and 14% are now paying rent on multiple locations. These findings reflect a generation of women that could understandably be anxious and despondent, but that’s not what we’re seeing.
No interesting story EVER began with, “Everything was perfect and continued to go according to plan…”
The responses we saw strike a remarkable balance between pragmatism and unstoppable will. These women are approaching this moment with action.
One woman said, “I’m willing to work 120hrs+ a week to hustle for my dreams regardless of the unexpected circumstances thrown at me.” Another said, “I see the volatility of the pandemic as an opportunity to innovate, rather than being forever stuck in uncertainty.”
We all like to describe ourselves as resilient, and if it were true, I’m certain that muscle didn’t develop because everything was smooth-sailing. Take a second and imagine how the determination of these women in this moment will shape their generation over time. They will have experienced crazy disappointments right out of the gate — but then also found their ways forward through creative solutions. They will have seen their shot-in-the-dark hustles pan out — and learned earlier than others do that risks don’t cause the sky to fall. They will be equipped to approach future uncertainties and encounter “grit” as more than a buzzword.
Showing up for them will yield exponential returns.
It’s my optimism speaking (and also the fact that I entered the working world during the dot-com bust and graduated from business school on the heels of the 2008 financial crisis), but I think this setback can become an accelerant for this generation. It certainly has become one for me. Understanding how these extraordinary women are shouldering their new reality has made me more impatient to walk away from conversations where anyone questions if “young women really care about money or their financial future that much.”
The team at MoneyGirls set out to build a network focused on real women and their actual lives. Our mission is to empower every woman to maximize her influence and independence by taking control of her financial life. As their realities have shifted unimaginably, this mission has become more urgent. Investing in this generation early and giving them access to the resources, tools, and community to invest in themselves can’t wait.
