An economic crisis is upon us, and there is still a lot of debate about whether it has already started or is about to start soon. However, there are certain things about the current economic crisis that experts across the globe agree upon, including the role every member of society would have to play.

Cycles of economic boom, slowdown, inflation, and recession are a constant. Every few years, this trend of an economic boom creates millions of jobs, showering everyone with great wealth and then gradually worsening to cause severe inflation, and recession carries on. It’s a vicious circle of sorts, and global financial health goes around this circle, resetting itself every few years.

Prepare for the economic crisis

The current recession or economic crisis that the world is about to witness is projected to be quite different than the ones we have faced before. During this economic crisis, not much laying off is expected. During covid, the world saw a massive shift in the work culture, with various established businesses going under and firing people. Since this has already happened, the economic crisis will not witness much laying off of people.

This time around, companies will be implementing hiring freezes. A hiring freeze is simply when a company does not recruit new people. Instead of laying off experienced employees, companies would retain them, and since there would be a hiring freeze, employees can expect an increased workload. Every sector would suffer in a similar fashion.

When it comes to regular citizens, the high cost of products and services is expected to hit the common populace hard. Teenagers will also bear the brunt of the economic crisis this time. If you are a Canadian teenager wondering how the economic crisis will affect you, keep reading.

How will the economic crisis affect teenagers in Canada?

Every country has its own customs and traditions, which extend to the younger generation and their role in the house or in the national economy. In Canada, a lot of teenagers find part-time jobs, with some of them finding jobs in commercial businesses. Canadian teens are also often liable to bear their own expenses and for which they need to make their own money. If this resounds to you, there are a few tips you will need to remember.

• The economic crisis will affect every business, so if you wish to get a part-time job, start looking for opportunities. Getting jobs, even part-time ones, are going to become more challenging. There is even a chance that businesses will pay less to new employees than in the past.

College students with more significant expenses should try to get the best paying jobs that gel perfectly with their schedule so they do not have to compromise on their studies or other social events. Further, it is also essential for college-going students to manage their finances by preventing unnecessary expenditures and regulating the number of frat parties and expenses in every one of them.

• Expenses: Monitoring expenses during this time would be crucial. Today, consumer behavior has been deeply ingrained with the multitude of “routines” and “must-haves” constantly popping up on the screen. Social media has also convinced people that they need to have everything that is in trend. We are a part of the world of fast fashion, and new brands are coming up every day. It is not possible for a person to utilize so many products, and yet, our consumption is higher than ever.

For example, there are a number of skincare and makeup brands competing in a brutal market, always coming up with new products. Consumers find themselves intrigued by these products and always want to try new things. However, quickly changing brands also harms your skin, which, unfortunately, many teenagers do not realize.

It is essential to completely use certain products and assess how your skin is reacting to them instead of using 15 different products.

• Hangouts: Hanging out with friends does not always have to be in an expensive cafe drinking $7 coffee. Teenagers need to modify how they socialize in order to cut expenses without compromising on having a good time. It is simply a matter of finding new activities which will not only be cheaper but perhaps can also enrich your lives.

• Activities: it is expected that as a result of the economic crisis, popular activities undertaken by teenagers, like skateboarding, could become more expensive. To continue being able to afford the activity, teenagers may need to watch their expenses and save enough for the activity.

• Save: If you are an adult, or nearing adulthood, developing a habit of saving is more important than ever. Find some good opportunities to save some money, invest it in some places after thorough research, or simply start putting it in a piggy bank. Alternatively, you can even give it to your parents, so you do not end up spending it. Whatever method suits you best, set aside a certain amount every month to help you if you incur an unforeseen expense.

Saving can be difficult if you are in college; however, making it a habit is essential, and the sooner you start, the better. It is estimated that a lot of products required for daily consumption will become expensive in the economic crisis. So avoiding wastage is essential. Only buy what you need, so you do not waste your money.

The economic crisis will have a different type of impact this time, and everyone, including area experts, are trying to understand the best ways to overcome it. However, while financial experts and governments work to control the situation, it is up to the public to also take care of their personal finances. If you are a teenager in Canada, it is vital for you to learn some basic economic concepts, like the best methods and places to save and invest, to ensure that you do not face the unpleasant consequences of the economic crisis. Every household would need every mature member to take cautious steps in ensuring the best way forward, and teenagers would also need to take responsibility.