The psychological effect of recession is deep and long lasting. According to AFL-CIO Young Workers Report , today, the young generation, especially those in the age group of 20- 35 years of age were one of the worst hit by the recession. Many of them could not start off with independent lives because they did not have the resources to. Making business investments is something that they are apprehensive about owing to their shaky finances.
Even though the economic crisis might appear a temporary thing, it has deep-rooted impact on the psyche of the common man. In the past, during the Great Depression, people developed a habit of being thrifty and they continued that throughout their lives. Misers, you get a chance to pass off your hoarding nature under the guise of frugality learned during economic [...]