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Old 04-24-2012, 10:39 AM
 
22,810 posts, read 10,526,838 times
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Quote:
Originally Posted by 2e1m5a View Post
Right, but you can't blame that all on Millenials.

I was 17 applying for College Loans and grants and admittedly knew very little about financing or interest rates. Luckily, my parents helped me out some and didn't let me put my entire college tuition on credit like so many other Boomer parents did to their children.
You seem to be one of the financial literates. Kudos to your parents for providing you guidance. Unfortunately, parental guidance is in short supply in America, which is part of the reason so few young adults know how to manage their money. As social programs become more and more prominent as income sources, we can expect financial illiteracy to get even worse in America.
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Old 04-24-2012, 10:43 AM
 
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Quote:
Originally Posted by AeroGuyDC View Post
Exactly. And judging from the linked article, it appears that all we can expect for the future is a revolving door of illiteracy. As more and more people rely on social handouts, the less inclined (and able) they are to teach their children financial literacy.
Quite possible that's so. Therefore, if we're concerned about this as a society, perhaps it would behoove us to get our arses down to the local Boys and Girls club, or after school care centers, where these at risk kids hang out, and start teaching them a better way. Giving them some inspiration for the future.

Same with the local country club, where the culture of using OPM is probably just as persuasive.
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Old 04-24-2012, 10:44 AM
 
Location: Montgomery Village
4,117 posts, read 2,042,035 times
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Unfortunately, I think this took off starting in the 80s. The culture of keeping up with appearances has posioned every single facet of American culture. People trying to look rich or get rich through credit has crippled us for the long run. I believe that there should have been a basic home finance class that should have been mandatory before graduating from high school. Wasn't home ec supposed to do that?
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Old 04-24-2012, 10:46 AM
 
1,570 posts, read 923,443 times
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Quote:
Originally Posted by AeroGuyDC View Post
29 years old and has "no idea" on "where to start" with budgeting her money? That's beyond absurd. It's shameful!

But she's not alone. How bad is the probem?



And that's actually an improvement! Check this out:



These are the future leaders of America? Is this what we have to look forward to??

Will there be consequences? Absolutely!



More reliance on social programs is exactly what we need!!

The United States of America is circling the drain, no matter which way you look at it. When our own citizens can't even manage their own money, then what else can we logically expect the outcome to be??

Millennials struggle with financial literacy
How many millenials were at the reigns during the financial crises? Oh, right... We circled the drain a while ago.
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Old 04-24-2012, 10:47 AM
 
8,030 posts, read 4,419,141 times
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Quote:
Originally Posted by helenejen View Post
Don't interrupt them with the reality that this is a parenting problem. They're on a "it's all the liberals' fault" role.
Quote:
Originally Posted by AeroGuyDC View Post
There were two points in the post. Try to keep up.
I know how you like to control the conversations in a way that serves your interests, but you are the one that needs to keep up:

Quote:
Originally Posted by SourD View Post
This is and has been the Left's plan for quite a while now. Dumb down this nation in order to cripple it's people and turn them into useful idiot drones that the elite powers can tap into to do their bidding.
Quote:
Originally Posted by RCCCB View Post
This is decades of enabling, getting left wing Judges in everywhere to dismiss all laws people voted on like 187 in California and the damage done by indoctrination by the left in schools.

We've had a cancer within for decades.
People have lost their pride and sense of shame.
They think like victims for the most part.
Some call the Entitlement Monster generation.
And just in case you forgot that you were more than willing to add to the your original two points:

Quote:
Originally Posted by AeroGuyDC View Post
I agree 100%. If there ever was a vast left-wing conspiracy, it was to make most American's beholden to government. But where is the individual in this equation? Why is it not inherent among civil people to effectively manage their money? Money management is common sense in a capitalist society. At least it's common sense to me!
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Old 04-24-2012, 10:50 AM
 
3,458 posts, read 1,575,176 times
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I don't see what all the outrage is for.

You can't draw anything meaningful out of the "Financial Literacy %", because they are the first generation to take that particular test. There is no one else to compare it to. For all we know, Millenials are more financially literate than boomers or Gen X were at their ages.

You can't draw much from the average debt load, either. Many of these people are working and have $200,000+ in mortgage loans, and others have $200,000+ in student loans (which is about what it takes to be a Medical doctor these days.) So take one millenial with a typical American mortgage, and 3 millenials with no debt whatsoever, and the "Average" comes out to be about $45,000 per person.

So in other words you can't assume that every kid out there is a Barista with a Anthropology Degree and $45k worth of credit card debt and education debt, although that narrative would certainly sell more newspapers to righteously indignant old folks. The parts of the study I thought were notable were:
a. The view among younger people that saving is for the short term, and not the long term. (I think we can attribute this to low interest rates.)
b. The large % of young people who haven't started saving for retirement.
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Old 04-24-2012, 11:00 AM
 
22,810 posts, read 10,526,838 times
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Quote:
Originally Posted by rimmerama View Post
How many millenials were at the reigns during the financial crises? Oh, right... We circled the drain a while ago.
No doubt about it. But shouldn't the financial crisis serve as a watershed moment for America? Shouldn't the Great Recession be a turning point whereas American's are scared into learning how to manage money? The Great Depression changed American mentality on the macro-level. Just ask your grandparents. The Great Recession should do the same. If we don't learn something from this economic downturn, then we're doomed.
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Old 04-24-2012, 11:05 AM
 
22,810 posts, read 10,526,838 times
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Quote:
Originally Posted by Cletus Awreetus-Awrightus View Post
I don't see what all the outrage is for.

You can't draw anything meaningful out of the "Financial Literacy %", because they are the first generation to take that particular test. There is no one else to compare it to. For all we know, Millenials are more financially literate than boomers or Gen X were at their ages.

You can't draw much from the average debt load, either. Many of these people are working and have $200,000+ in mortgage loans, and others have $200,000+ in student loans (which is about what it takes to be a Medical doctor these days.) So take one millenial with a typical American mortgage, and 3 millenials with no debt whatsoever, and the "Average" comes out to be about $45,000 per person.

So in other words you can't assume that every kid out there is a Barista with a Anthropology Degree and $45k worth of credit card debt and education debt, although that narrative would certainly sell more newspapers to righteously indignant old folks. The parts of the study I thought were notable were:
a. The view among younger people that saving is for the short term, and not the long term. (I think we can attribute this to low interest rates.)
b. The large % of young people who haven't started saving for retirement.
1) Of course everyone doesn't have $45K in debt. That's why it's called an average. The point is that they don't know how to manage it.

2) There shouldn't be any surprises about attitudes towards savings and retirement when Milliennials aren't capable of managing their own money.
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Old 04-24-2012, 11:09 AM
Sco
 
4,261 posts, read 2,260,522 times
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This thread is the rhetorical equivalent of an old guy screaming at kids to get off his lawn.

Impending doom has been predicted based on the supposed inferiority of the latest generation of young people since the dawn of time. At one time, it was the boomer generation that was going to ruin the country with their selfishness, birth control and rock and roll, then it was Gen X with their slacker attitudes and the damage caused by growing up around broken marriages, now it is the Millennials turn for the scorn of the elder generations.

I bet at one time, a Cro Magnon complained that the youth were going to ruin everything with their lack of respect for making tools out of flint.
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Old 04-24-2012, 11:13 AM
 
22,810 posts, read 10,526,838 times
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Quote:
Originally Posted by Sco View Post
This thread is the rhetorical equivalent of an old guy screaming at kids to get off his lawn.

Impending doom has been predicted based on the supposed inferiority of the latest generation of young people since the dawn of time. At one time, it was the boomer generation that was going to ruin the country with their selfishness, birth control and rock and roll, then it was Gen X with their slacker attitudes and the damage caused by growing up around broken marriages, now it is the Millenials turn for the scorn of the elder generations.

I bet at one time, a Cro Magnon complained that the youth were going to ruin everything with their lack of respect for making tools out of flint.
Valid points, except citizens didn't have the debt-load that they are carrying today. It's easy to crow about rock-n-roll and the death of civil society, but how do you ignore monstrous debt loads and the inability of people to manage that debt? This nation revolves around cash flow and solvency. It doesn't revolve around Elvis Pressley or birth control.
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