What impact did the financial crisis have on people?

FeaturedImage_FinancialCrisis_4.jpg

I've been curious to what impact the financial crisis had on the world. After learning about it in class, I have found many different facts.

Past:

In the past, the financial crisis had a huge impact on hundreds of thousands of people who had jobs and people that borrowed loans. People lost jobs, homes and money just because of a risk that bankers took and the government not giving them strict enough rules to stop before it got out of hand (which it did). Because this continued, that is when the financial crisis occured.

Present:

To this day, people are still recovering from the financial crisis. This is mainly the people that took loans and didn't pay them back. As well as this, more and more people became homeless and many who lost their homes may possibly be dead. Some people still do not have a job even ten years on! I do not think that this is shocking because it is quite hard to find the perfect job that you are good at and you enjoy.

Future:

In the future, still people will be recovering from the financial crisis. Since we have already had a financial crisis, if we were to have another one in the future we would be prepared because some people have already got the knowledge of what happens. Banks will become more secure in the future and stricter rules will be set for the individual bankers.

The bank of england think it cost everyone £3000 each which tells you how much of an impact it had on people. As well as this, others lost much more money which led to money loss and repossession.

Comments (2)

  • Tiff-Avatar.jpg Tiff @ the BNC 29 Nov 2018

    Can you find examples of how the UK has recovered since the crisis? For example, take a look at employment rates.

    Reply to this comment
  • Ormiston-Bushfield-logo-250x250.jpg introspective_bilberry
    Ormiston Bushfield Academy 01 Dec 2018

    Since the financial crisis which happened in 2008, the UK has slowly started to recover:
    1.Employment rates for both men and women have been increasing since early 2012. From July-September 2018, the employment rate for all people aged from 16-64 years was 75.5%, which had gone up from 75.0% the year earlier.
    2. Last year the country was almost the fastest growing economy in the Group of 7, despite this a large amounts of cities in the midlands and the north, and additional parts of Wales and Scotland remain significantly below where they were before the crisis which happened over a decade ago.

    The recovery of the financial crisis is rarely discussed, but it matters greatly because even with one of the fastest growing economies in the world last year, many places remain significantly poorer than they were years ago. The bank of England now expects slower growth this year, pay to fall and household incomes to fall. The government will need to address these fatal problems, which have existed for a number of years in order to avoid another crisis - especially in the current wobbly climate of pre-Brexit Britain.

    Despite this, the financial crisis was not all negative. It has shown us the areas that we need to improve on, to make sure that there will not be another financial crisis again.

    Reply to this comment

You must be logged in to post a comment