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Maybe you’ve watched your parents worrying about their retirement. Perhaps you had to take out another college loan. Or had to settle for a less desirable job if you found one at all. But what everyone from marketers to economists want to know is what kind of affect will this have on you long term. Will you become a saver? Cut back spending? Eschew the materialism that characterized previous generations? Or when things get better will you perpetuate the practice of conspicuous consumption that your predecessors were so good at?
None at all. Went through the recessions of the 70s, 80s and 90s. Same formula to survive them has worked in this one.
It gave me a tremendous self-confidence boost - getting laid off and hitting the ground running ending up with two offers and getting a raise out of the situation. I realized how much people appreciate me professionally and care for me personally. Financially, I don't think it changed my outlook at all. I have gone through much worse situation growing up in the time of war, and honestly I expect recessions to keep happening - it is short-sighted not to plan for them. And defining yourself by your job or how much you make can only hurt you in a long run, because nothing is ever certain.
I have survived several layoffs at my company, I am grateful to have a job but would like to work somewhere else.
Not much. I still have my job. In fact, no one was laid off at my company (which is more due to our great uppper management than due to our industry). Our family's investments took a short term hit, but due to dollar/cost averaging, we will pick up some great deals while the market is down. And I've got at least 20 years before retirement. I think there are more people in my situation than not.
I was already a saver before the recession hit (a value my grandfather taught me when I was very little), but seeing the impact not saving has had on older family members has made me totally rethink my "need" to have a big house or several cars in the family. I will definitely take more responsibility for my retirement and future than older generations did and spend less on material things I don't need at all.
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