The Great Recession created a domino effect of financial struggles for millennials - here are 5 ways it shaped the generation
The Great Recession affected many Americans, regardless of age, but it hit millennials particularly hard.
It's one of the key events that shaped the generation, Jason Dorsey, a consultant, researcher of millennials, and president of the Center for Generational Kinetics, previously told Business Insider. During this time, millennials were coming of age, meaning they were kickstarting adulthood amidst the financial crisis and its post-recovery period.Read more: The Great Recession split the millennial generation down the middle, creating 2 groups with very different financial habits
The ongoing fallout of the recession is a key part of the Great American Affordability Crisis that millennials are experiencing, in which they struggle to afford staples like housing and healthcare.
The recession ultimately created a domino effect that put millennials financially behind and on a slow path to wealth accumulation. Here's how it affected the generation.
The Great Recession created a millennial generation gap.
It put older millennials at risk of becoming a "lost generation" in terms of wealth accumulation.
By watching the recession unfold, younger millennials became risk-averse.
The recession has contributed to the rise in crippling student-loan debt.