Tag Archives: credit card debt

Is Gen Y the most pampered generation in history?


It ceases to surprise that so many “experts” are now employed as consultants to advise bosses on suitability of Gen Y candidates for their firm.

Lisa Belkin in a lively story for the New York Times (July 26 2007 “When Whippersnappers and Geezers Collide?”) quoted one of the legion of consultants saying ‘Gen Y is the most pampered generation of all.’

There is broad agreement that the oldest of the Gen Y-ers, those nearing their 30s, don’t work as hard as their Gen X parents. Indeed, Lisa Belkin hit on memorable words. “Gen Y are as single-minded in their search for (work life) balance as their parents were in their quest for success.”

An Australian funds management firm after a market survey on Gen Y-ers concluded in November 2007 that 83 per of Gen Y women planned to live off their partner after they turned 50. In the new balance of the sexes, 73 per cent of Gen Y men also planned to do the same.

The joke is that with the divorce rate quickening, one in three marriages go on the rocks for Aussies, and for Americans one in two, who is going to be left to pick up the bills.

Scrooge is dedicated to a return to the old fashioned virtue of saving and not using your plastic cards, at least for the coming Christmas shopping spree.

Perhaps it is too scary to expect the pampered, creative, internet savvy Gen Y to save. There is a similarity with alcoholics. They need their first drink to settle their nerves, before they say they will stop after the next drink.

Don’t be like the drunk, just stop spending.


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Being Scrooge at this time!

The Scrooge Approach is all about trumpeting old fashioned values like saving, being prudent, doing things for others.

Boring stuff I hear you say. Sure is, but that’s life for you.

Americans, Canadians, Australians, Irish, New Zealanders like to spend and spend. They like to spend rather than save.

But the big prize for spending and not saving goes to the Americans. They top the list. The good old US of A is in hock to the rest of the world, big time, the world’s biggest debtor to other countries. And George Bush keeps spending other people’s money.

Scrooge would like you to refrain from using your plastic this Christmas time. You don’t have to destroy your credit cards, just lock them away for the festive season.

You, Gen Y-ers, the creative digital users turned on by Photoshop, Flash, Dreamworker etc show your skill in design and impress your folks with the results. You say you’re creative. Well prove it.

For a US economy teetering on the edge of a recession, with the greenback tanking, and the smart money moving to China and other Asia, there is only one thing to do. Save don’t spend. And if your folks think of you as skinflinted, blame it on Scrooge. He can take it.

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