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Old 05-02-2015, 09:14 PM
 
Location: Florida
5,236 posts, read 3,012,247 times
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A lot of young people believe they will never get old.

They also have other misconceptions.
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Old 05-03-2015, 08:31 AM
 
Location: RVA
2,164 posts, read 1,265,106 times
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I personally think todays 20 yos are overall less future thinking than we were. And we were less future thinking than the previous generations. Much of that has to do, I think, with starting and being responsible for a family earlier in life. That happens less and less each generation. There are always exceptions and demographics that skew, but on average. I started saving for retirement with my first job. The fact that it never went anywhere because of ex wives taking half, etc, is irrelevant. I had established my pattern and time eventually averaged out my gains an losses and now I have a comfortable amount.
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Old 05-03-2015, 01:00 PM
 
Location: Tennessee
23,572 posts, read 17,553,447 times
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Quote:
Originally Posted by Perryinva View Post
I personally think todays 20 yos are overall less future thinking than we were. And we were less future thinking than the previous generations. Much of that has to do, I think, with starting and being responsible for a family earlier in life. That happens less and less each generation. There are always exceptions and demographics that skew, but on average. I started saving for retirement with my first job. The fact that it never went anywhere because of ex wives taking half, etc, is irrelevant. I had established my pattern and time eventually averaged out my gains an losses and now I have a comfortable amount.
I kind of doubt that. The 20-30 generation has been scarred by the recession and has good reason to be financially responsible.
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Old 05-03-2015, 03:09 PM
 
Location: RVA
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Really? I know at least 30 different men and woman in that range, and about 4 are saving for the future and all of them need to save the least, coming from wealthy families with only 2 kids or only child. All the others, including my own idiot spendthrift, live for today stepson, are all hoping to get by and inherit. I've already told mine, if I live to 90, expect a house mortgaged to the hilt. I have to watch my back.
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Old 05-04-2015, 09:01 AM
 
Location: Jamestown, NY
7,841 posts, read 7,327,156 times
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Originally Posted by Emigrations View Post
I kind of doubt that. The 20-30 generation has been scarred by the recession and has good reason to be financially responsible.
^^^
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Originally Posted by Perryinva View Post
Really? I know at least 30 different men and woman in that range, and about 4 are saving for the future and all of them need to save the least, coming from wealthy families with only 2 kids or only child. All the others, including my own idiot spendthrift, live for today stepson, are all hoping to get by and inherit. I've already told mine, if I live to 90, expect a house mortgaged to the hilt. I have to watch my back.
IMO, I don't think young people are necessarily any more or less forward looking than previous generations. We tend to think that things were better in previous times because we hear the success stories not the failures. Unless we know them in some personal capacity, we don't know about all the seniors who are existing on nothing but their $1200 a month SS payments and Medicare/Medicaid, including the very, very old people who are in their 90s or more and living in tiny subsidized apartments in deteriorating neighborhoods or in ramshackle houses/trailers on back roads.

I don't think that starting families earlier tended to make more people more future oriented earlier in life, at least as far as retirement savings goes. I think in past generations, young people coming of age in the 1950s or 1960s just assumed that SS and a pension were the norm.

What I do think is that young people coming from fairly affluent families in recent years seem to be more clueless about economics than young people from those same socioeconomic strata in previous generations or young people from poorer backgrounds. Too many of these youngsters have never had regular chores, have never had an allowance, have never had to mow lawns or babysit or deliver papers for extra money, have never had to "pay" for something they broke (like a neighbor's window) because Mom and Dad have taken it upon themselves to smooth their way. You never learn to budget or save if all you have to do is ask Dad for spending money and he gives you $20 to go out with your friends.
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Old 05-04-2015, 03:03 PM
 
Location: RVA
2,164 posts, read 1,265,106 times
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Quote:
Originally Posted by Linda_d View Post

I don't think that starting families earlier tended to make more people more future oriented earlier in life, at least as far as retirement savings goes. I think in past generations, young people coming of age in the 1950s or 1960s just assumed that SS and a pension were the norm.
We can agree to disagree on this. Every young couple that has started a family, that I have known, and it's been quite a few, all are more mature faster, than the video game playing, cafe free kids that act like they're still in high school. I AM talking college educated, middle income types, not the very poor or the very rich. I don't personally know an y very poor or very rich young families. Maturity & responsibility is the key. If you honestly think that 25 year olds today are on average as mature & responsible as we (late 50 yos) were, I'm sorry, you're not even close. And it is certainly not perception. I can also say if at 25, I was as or less mature than my parents generation, because while I didn't see both, as an adult, I sure but know what my parents HAD to do to survive at 25, when I was 7, (with 3 kids total) was far more than I did at that age.

My parents could have depended on us to help them in retirement if they needed it. They didn't. I have no such expectations of much of this generation.
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