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

Discussion in 'General Discussion' started by mjp28, Jun 21, 2012.

  1. mjp28

    mjp28 Well-Known Member

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    anytown, OHIO
    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:
  2. gvw3

    gvw3 Well-Known Member Supporting Member

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

    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.
  3. mjp28

    mjp28 Well-Known Member

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

    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:
  4. Petergunn

    Petergunn Member

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

    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.
    Last edited: Jun 21, 2012
  5. geds

    geds New Member

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

    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!
    Last edited: Jun 21, 2012
  6. bobski

    bobski Former Guest

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

    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.
    Last edited: Jun 21, 2012
  7. mjp28

    mjp28 Well-Known Member

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

    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.
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