In recent years, an increasing amount of research has highlighted how life experiences can influence economic decisions, especially dramatic events.^[24] For an overview, see, for example, Malmendier (2021). For example, a generation that has experienced major stock market crashes may be more cautious about share ownership. This can lead to differences in economic behaviour between generations. “Depression babies” is a familiar term in this literature, referring to people who experienced the Great Depression of the 1930s as young people and who, as a result, have a more sceptical attitude towards risk-taking, such as when investing in shares.