From the perspective of someone who was still at school then, things didn’t seem that bad until 2011/12 when Tory policies such as scraping EMA and tripling tuition fees started kicking in. I still got EMA in 2011. As a politically ignorant teenager I wasn’t even phased by the fact the Tories were in power in 2010.
2008 probably wasn’t quite as gloomy because at least no one anticipated that a permanent Tory government would follow. Or Brexit. Or Trump. Even 2010-15 was bearable because it looked like pretty likely Labour were going to win the next election.
Economically things were probably more prosperous, but everyone was miserable anyway because of Iraq and 8 fucking years of Bush. It was just a different type of misery.