Recessions typically impact the economy on multiple fronts. For example, during the Great Depression that began in 1929, the unemployment rate went up to 25%, leaving 15 million people out of work. People lost $140 billion because of bank closures, and the stock market dropped 90% by 1933.

On an individual level, a recession can cause you to lose your job and not be able to meet your financial obligations. But it affects people in different ways, depending on income level, spending habits, family structure, and geographic location. Some groups such as women of color, minimum wage workers, and families with dependents tend to be more vulnerable during recessions.

“Those already in a precarious position—working in low-paying jobs that prevent them from saving enough money to fall back on in hard times—might be forced into debt by a recession,” Levon L. Galstyan, a certified public accountant (CPA) working with Oak View Law Group, wrote to The Balance in an email interview.