“Calling all parents born in the late 60’s to mid 70’s!” aka Generation X, and sometimes referred to as the “Lost Generation” due to ambiguous period lines and misunderstanding. This group grew up in the 80’s with so many options, making it hard to develop substance or appreciation for a dollar earned. Suspicious, sarcastic, yet more realistic than generations before and after, this generation suffers more from the events of 9/11 and the real estate demise than any other. Parents and grandparents of this breed talked about their financial failures and successes as if from another world as opposed to realistic explanations and guidance for this generation, all the while spoiling the “X’s” whenever possible.
Taught to go for what you want, you can have whatever you like, and nothing but the best for you, X’s challenged authority and ideas with no hesitation. This is not necessarily bad, just a sign of those times. What more could be expected when these kids were told one thing but shown another? Parents having financial problems told these kids not to worry by day, but were heard crying and fussing at night. These parents also told the children that mortgages, bills, and necessities were not their concern. This was some pass over from the previous generation.
Well in 2010 Generation “Y” children (Millennial) have never known a world without cellphones, computers, and major technology advancements. Even if these luxuries are not available in the home they are available everywhere else, including schools. These children should be told at home the cost of mortgages, car notes, utilities, groceries, and other necessities, they will find out from other sources and have unrealistic views and lack of understanding otherwise. They should not receive allowances either, but earn any money they receive. Please read an in depth comparison of Gen X and Millennial titled “Generation X and The Millennials: What You Need to Know About Mentoring the New Generations” here under the Mentoring section of Law Practice Today.
Out with the Tooth Fairy and in with the Tooth mommy and daddy! Santa Claus needs to retire and the Easter Bunny needs a hobby. Fulfill that loss of a bodily part if you will with cash, but hand it over in exchange and take him or her on a trip to the bank to open an account and talk about the interest accruing over lunch. If not, then what’s will they be able to do for you when your teeth start falling out? Teach them work ethics by not paying for incomplete or sloppy work. Instead of timeouts, make them pay for transgressions and develop professionalism and responsibility. Read what Morley Safer of 60 minutes says about this issue in the episode titled “The Millennial’s are coming”.
X’s grandparents experienced the Great Depression, which was still worse than the recession that initiated from acts in the 90’s and are still rocking our world. As a result, they saved, recycled, reused, and re-purposed everything! They were modest, buying and focusing on needs as opposed to excess. Today’s children need this type of teaching and thinking to be successful, financially stable, and ultimately good shepherds in the face of America and the current deficit.
Searching all over I was unable to find any business’s proactively offering mentoring programs to youth here in the Beaufort, SC and surrounding areas, however the state created a program that connects students, communities, and businesses in this effort, “Personal Pathways.” Encouraging local businesses to become active and take advantage of this opportunity to help young people become a reliable workforce in the future can assist in making this area more productive in this area. To find out more about this program whether you are a parent, teacher, foster parent, or business, please visit their website here: SC.Gov > Personal Pathways to success.
Please share what practical lessons you are teaching your child about spending and savings in the comment field below. Thanks for reading and please subscribe for free to receive updates and related information.