This phenomenon isn’t confined to the U.S. In Britain, between 2006 and 2014 real earnings fell twice as fast for people under 30 than for those in their 50s, according to the Resolution Foundation.

Meanwhile in Italy, the epicenter of the virus outbreak in Europe, just 24% of houses and land are owned by the young, while the risk of poverty is twice as high among those under the age of 40 than those over 65, according to a study by business association Confindustria.

Other generations will experience their own flavor of economic fallout from coronavirus. The oldest members of Generation Z are graduating into a world of city-wide lockdowns, as countries try to curb the spread of a global pandemic.

Baby Boomers in the U.S. have now suffered successive blows to their retirement portfolios because of market routs. Those are the lucky ones: Almost half of U.S. households 55 and older have nothing saved for retirement. Millions of people of all ages are now out of jobs.

“I worry about the younger guys more,” said Harry Holzer, a professor of public policy at Georgetown University. They’re more likely to get laid off than those more senior, he said, adding, “I worry even more about the people without college diplomas.”

While white collar workers can work from home, sectors largely filled by people without college degrees, such as retail, food services, hospitality and construction have already seen major job losses because of the pandemic.

One such person is Denzel Buie, a 25-year-old glazier living in Philadelphia with his fiance and his three-year-old daughter. He was laid off a few weeks ago. Buie had health care through his employer and now worries that if he gets sick, he won’t be able to afford a hospital visit.

“It makes you feel vulnerable because sooner or later resources that you had built up [are] going to run out,” he said.

As for those in white-collar professions, Chip Espinoza, director of organizational psychology at Concordia University Irvine, fears people in their 30s will once again get stymied in career advancement because another recession means Boomers won’t retire on schedule.

“You’re really looking at a workforce that is going to continue to age and continue to create challenges for younger generations in their upward mobility,” he said. Millennials “will have to rent longer, co-habitate longer, and stay in starter homes longer.”