COVID-19 could set new grads back 25,000, says Stats Can

The novel coronavirus could continue to impact the finances of young people, both on a long and short-term basis, says a new report from Statistics Canada.

The class of 2020 in high school, college and university stand to lose 25,000 dollars over the next five years. Statistics Canada says that’s dependent on this year’s unemployment rate hitting 28 per cent for that age bracket. Those would be historic numbers. But the losses would likely sit anywhere between 23,000 – 40,000 dollars depending on a graduate’s education levels and sex.

Economists pose other scenarios featuring lower unemployment rates. New grads could get a break if an economic recovery translates into less unemployed young people.

Stats Canada also says the losses will likely hit women harder than men, a similar trend amongst those with a high school education and those with a Bachelor’s degree. You can read the full report here.

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