As Millennials, many of us are dealing with our first recession in Singapore in our adult lives.

In 2020, Singapore entered the worst recession in 55 years. Our GDP shrank 41.2 percent in the April to June period compared to three months before.

Our generation is feeling the financial impact. Roughly a third of millennials (ages 24 to 39) and Gen Z (ages 18 to 23) say that Covid-19 has had an extreme or very negative impact on their financial security.

The truth is there is a lot we cannot control externally. Few jobs are stable during these times. Even big technology companies like Uber and LinkedIn have let go of staff during the first half of this year.

It would take some time for our economy to recover. What we can do is to focus on taking steps to prepare for a prolonged recession in Singapore.

If you are worried about job security and thinking about how you can prepare, here are some steps you can take to cushion the impact on you and your family.