Tag Archives: debt crisis

Is Gen Y the most pampered generation in history?

Scrooge

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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Filed under Being a Scrooge

The scary financial story and Gen Y

A scary financial story. It is about the excessive greed of the largest financial institutions in America and Europe, which has bounced back on them, leading to a potentially massive loss of net worth.

They created very dangerous toxic securities, virtual time bombs ready to explode. The joke is that some of the bombs are beginning to explode in their face.

We are talking of a minimum of US$100 billion and a maximum of US$ 500 billion, more likely to be around US$250 billion, which will have to be written off. Just think of the number of Ipods, Iphones and all the other gizmos you could buy with all that pile.

Gen Y-ers, those born between 1979 and 1998, so that the older ones are around 28, the highly creative digital generation, tech-savvy, their playground the internet, but a bit irresponsible as well.

One Newsweek writer described them as “Narcissists in Neverland”-working less, volunteering more, and financially very dependent on their parents.

What does the coming financial mess mean for Gen Y?

Only this.  If your parents begin to find their securities fall more heavily in value than they expected, and are left short, they may fall short in continuing to support you.

Now, isn’t that scary!

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Filed under The Debt Crisis