One would have thought the pandemic would have had them looking to save for the rainy day. Instead, they are spending like crazy.
While this is focused on this generation, I wonder just how deeply this has run through the entire nation? I know what the article says, but with the Fed making little headway on inflation or cooling consumer demand, just how deeply does this FOMA reaction run?
FOMA=fear of missing out
Got shafted by crooked student loan program, then the housing bubble, then pandemic shut down. I do see why many would have a jaded view of society.
This is the generqtion they tortured financially to set the stage for communism.
The US Dollar. It is just as hard to save one in 1974, 1999, or 2022. The act of saving is a mind set and not a conscious act. Once you start leaving some extra money set aside every day, week, month and year it is simply loving yourself enough to do what is necessary to make a purchase more than you earn. Saving is not osmethin you put off.
It’s a rigged game financially and politically. You are going to get screwed. So why play the game at all?
*** Right now, when she’s looking at which degree to pursue and even which classes she’ll take, she wants to make sure they’re ones that will give her a “high return on investment” at the end of it.***
At least she understands that a degree in gender studies may not prove to offer her a sound future.
The “Me” Generation redux.
The title of the article wildly overstates the case. It’s not unusual for people in their twenties to neglect long term financial thinking, and spend money on themselves. Certainly investing in themselves via education and acquisition of skills is a reasonable alternative to “savings” at this point in one’s life.
“It’s like, you make yourself better so that you can make more money in the long run.”
It’s like, she’s a genius, you know?
“Ahmed says the COVID-19 pandemic showed plenty of young people how quickly their “normal” can be stolen away — so she has prioritized making up for those missed years with exciting experiences and good memories”
I hope those good memories aren’t remembered in a cardboard box under an overpass.
Apparently her parent(s) never had her read
The Ant and the Grasshopper
Book by Aesop
You can’t save “money” if “money” is something that can be seized or rendered valueless by government action.
Saving money during high inflation is counter productive, anyway. Where are the CDs offering 15%? They will be a day late and a dollar short. Inflation won’t “reverse” during any “normalization”, either.
Biden has created the economy for his grasshopper peep’s.
It's been raining for years, but putting usurers in charge of the Treasury has acted like an umbrella.
I hope they've got their bags packed.
“She points to stubborn inflation —“
Yeah the inflation is stubborn not the ideologues who brought it into being. They CREATED this vampire. It’ll live as long as they rule.
Negative real rates of return encourage spending...not saving.
Paying $20 for a cold hamburger to be delivered via grub hub is not exactly investing in yourself.
The Gen Z useful idiots will be waiting for a long time.