The Great Recession created a domino effect of financial struggles for millennials - here are 5 ways it shaped the generation
- Millennials came of age during the Great Recession, which created a domino effect of financial woes for the generation.
- The financial crisis is a key player in the Great American Affordability Crisis, in which millennials struggle to afford staples like housing.
- From creating a generation gap to causing millennials to delay life milestones, here's how the recession has defined the generation.
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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.
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.
Because the financial crisis put millennials behind, they're delaying major life milestones.
The recession has contributed to the rise in crippling student-loan debt.
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