Financial crises can have a big impact on people's spending habits. When a crisis hits, people tend to spend less, especially if they have a lot of debt. This effect is stronger in smaller countries and can be worsened by falling house prices and high interest rates. However, good monetary and fiscal policies can help lessen the impact of a crisis on spending. With more people taking on debt in recent years, a financial crisis now could be more severe than in the past if policies aren't able to help out.