What goes around comes around. We are all familiar with this saying but I was thinking about it relative to our current economic circumstances. Many of us grew up with parents and grandparents who had lived through the Great depression. This ensured that their spending habits focused on purchasing everything for cash, using credit to buy their homes, and living well within their means. This lesson was lost on many as we progressed through the subsequent decades and we now find ourselves living in a time that can be compared in certain ways to those times in the 1930’s and 1940’s. A recent survey shows that the main group that has changed their thinking substantially as a result of 2008-09 are the Milennials. (Ages 21-32). What changes are you making in your plans and your lifestyle.
"Millennials are emerging from this economic crisis a wiser, more cautious, and more responsible generation. In the 2008 Rethinking Retirement™ study, every generation, including Millennials themselves, voted them as the most self-indulgent and short-sighted of all generations.
Now, they are the most likely of the four generations to say they have learned valuable lessons regarding financial responsibility. They are also the most likely to have learned the importance of living within their means. A year ago, 63% said to “live within your means” was the most important lesson for parents to teach their children. Today, 81% of Millennials say to “live within your means” is the most important lesson, an 18% increase—twice the increase of other generations .
Millennials are also now the most likely among all generations to say the best thing about money is “feeling secure . Moreover, they are the most likely to have shifted their focus and priorities to family and friends in the past year"
- A Study by Age Wave
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