Recently, Junior Achievement and CNBC teamed up to present a Virtual Town Hall to answer teens’ questions about the financial impact of COVID-19. Hosted by CNBC Senior Personal Finance Correspondent Sharon Epperson, this unique interactive event provided across America direct access to some of the country’s most knowledgeable economists, entrepreneurs, psychologists and counselors and ask them top-of-mind questions about how to best adapt to the new normal. The panelists will offer simple, straightforward strategies to help empower participants to strive toward a bright and successful tomorrow – because tomorrows are more important than ever.
This video features teens from across America asking a panel of experts, including former FDIC Chair Shelia Bair and Shark Tank’s Daymond John, about steps being taken to deal with the economic downturn resulting from the pandemic and what that might mean for the future.
The Virtual Town Hall lasts about an hour. Please feel free to share this video with any teens, teachers, parents, or others who you think might find it helpful!
A Guide to How COVID-19 is Affecting People and the Economy and What It All Means
Making Sense of It All
A lot has changed in a very short amount of time. At the beginning of 2020, the U.S. stock market was at an all-time high, the economy was experiencing an historic milestone of growth and things seemed to be going well for many people. Then, the coronavirus (COVID-19) appeared in the United States and in a very short amount of time everything changed.
While things may seem uncertain, and maybe a bit scary, know that what we are experiencing with COVID-19 won’t last forever. We at Junior Achievement (JA) have some explanations about what’s happening, as well as answers to some of your questions when it comes to the financial impact of COVID-19.
What Makes COVID-19 Different from the Flu or a Cold?
COVID-19 is referred to as a “novel”, or new, coronavirus. This means it is new to humans, though it has probably been around in animals, such as bats, for a long time. It is believed that COVID-19 was first transmitted to humans from animals in Wuhan, China in late 2019. Because human immune systems – the human body’s way of fighting disease – haven’t had much experience with COVID-19, people who get it tend to be sicker for longer, though most people will recover from the disease.
To help put COVID-19 into perspective, think of leveling up in a game. If it’s a level you’ve never experienced before, it may be harder and take you longer to beat it. But with enough time, you will win. For most people’s immune systems, COVID-19 is like a new level of a game. Eventually human immune systems will get used to battling COVID-19 and will win more easily, most likely through a combination of vaccines and an increase in natural resistance. But this won’t happen right away.