Generation Z (13-22) financial worries. Same as yours or mine? Your kids or grandkids

[mjp28]

Generation Z (13-22) financial worries. Same as yours or mine? Your kids or grandkids? Read on...

USA TODAY 6/20/2012

The Greatest Generation, almost completely retired
The Boomers, 10,000 retiring a day
Gen X, the "Bart Simpson" Generation
Gen Y, The first really tech generation
Gen Z, now starting their young lives, 13-22, so what's their story? You, your kids, grandkids, great-grandkids?
The Millenials, born after 2000

56% have a savings account, $300 average amount saved
40% have a checking account
41% carefully follow a budget (so what do the 59% do?)

40% worry about having their ID stolen (so why to they tell all on facebook??)
39% concerned about affording college
25% say they rely or will need student loans BUT 66% in 2010 graduated with student loan debt

76% say it's important to save money in their lives
25% have a credit card balance BUT half carry balances on the card for at least 6 months

SO how's that compare to your life experiences? Do you know or help any of the Generation Z kids out? Do they listen? :dontknow:

[gvw3]

I just took my pension today from Union Local 701. Just enough to pay my real estate tax per year. I still work full time in an unrelated industry.

The pension I have with my new co. was closed after 8 years. Now only have a 401k with them and 8 years in their pension.

I worry about my kids as they have NO pensions and we all know a 401k can drop in value 50% in less than a year.

[mjp28]

I just took my pension today from Union Local 701. Just enough to pay my real estate tax per year. I still work full time in an unrelated industry.

The pension I have with my new co. was closed after 8 years. Now only have a 401k with them and 8 years in their pension.

I worry about my kids as they have NO pensions and we all know a 401k can drop in value 50% in less than a year.

CONGRATS on your pension today, too bad it's only good for RE Tax.

My wife's pension has been frozen for years, she is now in a 401(k) which is a nice savings account, that's it. On both you want to wait as long as you can stand it to collect.

Me, 11 years with USSteel, got about $1069 lump sum, NO severance....bastards! Next job 4 years, NO pension but ~$3000 severance...that's it!

By and large we're on our own now! :eek:

[Petergunn]

I worked 21 years as a Machinist and have a 10 year pension coming (I'm not holding my breath) 3 kids gen X-Y two are college grads and all three are still employed and supporting themselves.

[geds]

I'm proud of my son. He's finishing his last year in a PhD program in Mechanical Engineering. He already started a savings account and ROTH IRA from his earnings on his grant money. He owns a condo and rents the other BR. Owns his own car. Only debt is his mortgage. Not bad for a 25 year old!

And he paid for all of his education on scholarships and academic grants. His grandfather left him some money to use for college, but he used that as a down payment on the condo. We told him if he got a full ride, we would buy him a car. He did, we did, and both of us came out financially better!

I wish I had his discipline and work ethic when I was his age - heck, even now!

[bobski]

22 years navy. living on pension.
retired at 40.
was willing to die for country, so county gave me a college education free.
dont buy something i cant afford.
only borrow money for serious needs.
family banking is better than real banking.
drive used cars.
shop at woodwill.
phone has a cord on it. some still have a rotary.
if someone wants to get in touch with me, they can:
a)visit
b)email
c)snail mail me.
no debt.
good health.
my work is excercise, not nessessity.
i tithe.
God blesses me 100 fold because of it as he promises in his word.
own 4 homes. all paid for.

no kids. wasnt Gods plan.

kids in my extended family, all laugh at me.
but im the one laughing at them.

[mjp28]

I'm proud of my son. He's finishing his last year in a PhD program in Mechanical Engineering. He already started a savings account and ROTH IRA from his earnings on his grant money. He owns a condo and rents the other BR. Owns his own car. Only debt is his mortgage. Not bad for a 25 year old!!

Hey that's putting your head down and driving for a goal, good for him!

The younger generations have always got a bad rap throughout time from older generations as a general rule BUT there are good hard working young people out there.