Baby Boomer Generation versus Generation Y
(1946 to 1964 versus 1981 to present)
After listening to a friend lamenting about his grown up kid and how disappointed he was with his attitude towards life, I came to the conclusion that there are definitely a lot of difference between these 2 generations. When the parents (the silent generation) of baby boomers did not understand their children, they called it “the generation gap“. Similarly, there is definitely a big gap between the b-boomer parents and the Gen-Y kids. The sociological trends definitely differ. The thought and spending pattern and style are also different.
The b-boomers are a hardworking lot, more frugal and realised that life is not being served on a golden platter. They came from the poor to middle class families and they realised at an early age that they had to work hard for their money. They took charge of their lives and swore to build a better tomorrow for their families. This is how the Gen-Y kids are being brought up… to have a comfortable life.
Socialogically, each generation thought they are better than the other. Parents and children (grown up) fight over money matters all the time. That is an accepted fact.
In order to have a harmonious relationship between the father and son, mother and daughter, father and daughter or mother and son, we will all need to put ourselves in each other’s shoes.
There are no secrets to personal finance. Know where your money comes from and where they are going, save more, invest and grow your money, let your money earn money for you. These rules have been repeated over and over again through years. Despite all the lecturing the b-boomers parents gave to their Gen-Y kids, personal finance can be very engaging to young people.
Hello parents, Gen-Y kids are real smart (here goes, Gen-Y kids; challenge me if you must as I would like to hear from you all), they are not useless with their personal finances. They are just different because they are brought them up differently.
B-boomers parents give their Gen-Y kids the very best, a good life, a comfortable home, being chauffeur-driven to and from schools and activities either by parents themselves or by hired help; warm, good food always ready; branded personal effects, computers, the latest model mobile phone at a very tender age; piano lessons; car when they are of driving age and whatever not…… the list is endless.
Why? To give them the very best. Both parents are busy earning money and the Gen-Y kids turned out to be very independent. They know what they want but they really do not know how to go out there to get them. Sad to say, they have been provided too well. Most Gen-Y kids ended up lacking in personal responsibility.
Hold it, Gen-Y kids, I know you have a lot to say to defend yourselves. Bear with me….I have a lot to say about Gen-Y kids too, don’t forget I have two myself.
Whatever you want to say about this generation, all they need is a gentle nudge to step up and take control of the personal finances. Gen-Y kids are smart, they can make a success of themselves faster but they can also blow away what they made even faster. You cannot blame them because they have more debts to pay off. Many of them are in debt before they start. The have study loans to take care off. There are avenues of spending their money through online and on luxury and branded goods that were never in existence in baby boomers days.
So, having said that, how can we help them make it in their own ways. How can parents assist by not being intrusive or demeaning the kids. That way, we can create a win-win situation and will achieve a harmonious family environment.
To be continued…….”What Generation Y wants?”