I have lived through two major ones already and i don't wish to experience another, but I know I will cope. The first was in the 1990s when the boom fell, and I had finished studying. It was a wake up call to all graduates who left when companies were closing down. All the job offers were off the table. It happened again a decade ago, where suddenly the good life was no more and discount retail shopping was acceptable and the norm. I have learned to live without certain things, and the latest generation probably don't understand how bad things can get. Savings don't always help, but they dwindle especially when you wait and hope that things will pick up. Sometimes they don't I have learned and you have to adapt. Are you mentally prepared?