The Global Financial Crisis that took place in 2008, which was also known as the 2007-2008 financial crisis, was the most severe economic crisis that affected the whole world since the Great Depression of 1929. To be more precise, we’re talking about one of the five worst financial crises in the world.
The global economy lost more than $2 trillion because of the 2008 crisis. Millions of people worldwide lost their jobs as a result of the crisis.
But what’s perhaps even more surprising is that some of the effects of the financial crisis are being felt even nowadays, meaning 15 years later. A new research that The Guardian tells the world about indicates that millennials living in the UK are still feeling the “scars” of the financial crisis from 2008.
British millennials are struggling
According to the new research, millennials from the UK, meaning those people born between 1981 and 2000, have trouble catching up with the living standards that older groups have.
The fortunes of millennials have been compared with those of their predecessors by the Resolution Foundation.
Sophie Hale, who’s a principal economist, explained as The Guardian quotes:
Young people across advanced economies were hit by the financial crisis, putting a stop to decades of progress. Fifteen years on, this ‘crisis cohort’ are no longer young. And while many US millennials have bounced back, their counterparts in Britain are still wearing economic scars as they approach middle age.
While excluding the research that makes the subject of this article, it is well-known that the 2008 economic crisis had a huge impact on people who live in the UK, affecting various aspects of the country’s economy, as well as people’s lives. For instance, there has been a rise in unemployment rates. Many businesses had to face financial challenges, and some of them even had to fire workers to cut costs.