They’ve lived through recessions before, and this is how they’ll adjust their spending for another… TL;DR Most young people believe a recession is on it’s way, or that we’re already in one In the event of a recession, Gen Z and Millennials are prepared to cut out unnecessary spending Dining out and takeout will be the first cut from their budget Gen Z and Millennials have witnessed, and lived through firsthand, several major recessions that have shaped their perspective on finances. The Great Recession in 2008 left a huge impact on them; many Millennials were affected directly by the hit on the job market as they graduated from college. One expert tells NPR that Millennials experienced “scarring effects,” or the lasting negative impact of entering the job market at the time. But, Gen Z was impacted too, even though they were young. In fact, in 2016, 62% of the oldest of Gen Z told YPulse they don’t remember a time before the recession, as compared to only 36% of...
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