Are the kids saving? Like, Duh!
Andrew Answers / 16 Jul 2012 / Retirement Trends
I’m way too young to talk about what the “kids” are doing these days. But I’m far too old to think that those same “kids” today had the same upbringing as I did. The new generation seems much more prepared in the realm of technology, strategy, and the idea of long-term savings and retirement. I get worried that folks aren’t saving enough. Then, I’m contradicted.
You think I’m wrong? Is your “kid” not ambitious?
Think again. Here’s why we’re both wrong.
I was most inspired to craft this blog in response to a recent article in USA Today. It’s easy to be from a different generation and judge the ones following us. Perhaps we should think again about tossing that rock in your pretty glass house.
Hindsight is 20/20
For the baby boom generation, many did not have much money growing up. Things were hard for them. What did they do? Worked hard to make a better life for the next generation. Remember how much fun the 80’s were? Now that they’re older, the kids who grew up on that middle-class upbringing are affirming themselves as contributing members of society. And sounding a lot like their parents:
“You have it so much easier than I did.”
“The internet? We had to look it up in the Library.”
“My video games had one button. ONE!”
With the economic uncertainty of a few years ago, Generation Y was busy in college and/or spending countless hours playing strategy games like Farmville and World of Warcraft. At the same time, they’re learning about real-life ways to earn gold (err – money) and level up (err – graduate or get a job).
The game[ification] of life
Taking a look at the site referred above, Gen Y’s actually do think about the future. Wouldn’t it be amazing to know that the teachings of saving in economics class actually lead to the application within video games. While playing World of Warcraft/Farmville/real life, they’re thinking why they should spend the money on this soul-eating sword/new barn/expensive car if they save it up and get an even better one down the road.
A Gen Y-er called herself realistic. I believe it’s more strategy and thinking of the long term. Not wanting to fail/lose a life/end up in economic unease, they will prevent that.
When judging that next generation, we should wonder if we’re possibly not just projecting our own concerns on them. So, we may be the ones that lost a bit more in the recent economic crash, but we need to step it up! It’s a game to them and we’re losing.
Author: Andrew Answers
After five years of experience leading a TPA call center in North Carolina, Andrew decided to move west to explore parts unknown and follow his passion of helping others. Walking through the doors of Ubiquity Retirement + Savings, formerly The Online 401(k) for the first time, he knew he’d found something special. Continuing to delight clients and partners alike and 10 years later, Andrew has been able to develop new teams, co-found a non-profit of strategic alliances, co-produce a hard-hitting documentary about the looming retirement crisis, and still had time to spread the savings gospel far and wide. Using social media and actual media alike (Wall Street Journal, Fox Business, PlanSponsor, and more), you’ll find no one who likes talking retirement more than this guy!More by This Author