Seniors Most Affected by Financial Crisis
The current economic recession is expected to have a major impact on the way that Americans live for at least a generation. A fundamental shift appears to be underway with individuals seeking to reduce leverage and consume less. 70% of our economy is based upon consumption. For as long as I can remember we have always spent freely and saved very little. Debt was used to finance all major and most minor purchases. Young and old alike both levered up to enjoy the good life. This philosophy worked until the bubble burst in the fall of 2008. The psychological impact of the recession cannot be underestimated. This recession has changed many consumers spending habits forever. Most Americans believe that this economic downturn will have an effect on their quality of life for the foreseeable future.
