The global financial crisis


PHOTO: GETTY IMAGES The global financial crisis ultimately created a domino effect that put millennials financially behind and on a slow path to wealth accumulation. (File photo)

The global financial crisis (GFC) of the late 2000s and early 2010s affected many people, regardless of age, but it hit millennials particularly hard.

It’s one of the key events that shaped the generation, Jason Dorsey, a US 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 ongoing fallout of the recession is a key part of the affordability crisis that millennials are experiencing, in which they struggle to afford staples like housing.