Members of the Gen Z are largely forsaking saving for retirement in favor of life experiences now. They are better able to work and earn more income today, when younger, and will be less able to do so later on, when life will be less forgiving. It's good that they feel so empowered to live the good life, refreshing even, but it's also important to know the destination of one's journey, and how to manage all of the stops along the way. They would do well to stand back, look at and understand life stories of elders from a few different walks of life, try to understand the causes and effects, and figure out how to pace themselves with a work / life balance that is likely to deliver what they seek. Otherwise, they may run out of resources before they reach their destination. It's all about the pace . . .
They figure government will bail them out when they run out of resources. There is nothing government can't fix, right?
That's a big part of the problem with the perspective they've had inculcated into them by the socialist teacher's unions . . . that government will provide for everyone (and they never learn that government takes more than it gives in order to do so).
And one more group that you feel that you can lord your superiority over. This just never gets old for you, does it?
I think you may be emphasizing and projecting a negative application of this generation, and in my opinion, the link title is very misleading and negative. 50% of the generation IS saving. 50% has not started. The 50% that haven't started yet are planning to do so, or exploring the options by a wait and see attitude until the present storms of a less than ideal stock market and a certainly less than ideal period of inflation, and a presently absolutely disastrous interest on savings period, by investing in their education to improve, or using the money now for the joys of youth..no different from the 60s or 70s or 80s, etc. The article is lacking in qualifying the statements, and infers, via cautionary constructed opinion that does little to inspire the generation referred to, that the happy go lucky attitude is not going to cut it. Blarney shouting at clouds rhetoric. Not to mention the high cost of higher education, yet the generation remains positive about pursuing higher education. My generation didn't, and the main reason being it was an industrial employment geriaction. That article is self serving and without any merit or constructive criticism. What I do know, is a hell of a higher percentage than 50% of my generation didn't give a damn at 18-20 about saving for retiring, and did not really do so at all until after experiencing 20% interest rates and hard to find employment and an impossibility of buying a house, with ONE EXCEPTION: The GI Bill, which was available to volunteer and draftee alike, and was actually a catalyst forward at that time in history for many of us, ever since WWII. Where are the Levittown cities, now, for the present generation? Where is the faith and belief that the Government is acting in good faith? If I were a member of this generation, I would have the same dose of healthy skepticism, given the track record of the banks the stock market, the Government and big business employment security Articles like the one that is the subject of this thread are not financial journalism by any definition. Stating ".., LARGELY (my emphasis) forsaking saving for retirement in favor of life experience now..." is sensationalism. As to running out of resources, that is a weak position to have to support the article. A youngster need only look at the boomer generation ..their grandparents and great grandparents and uncles and aunts, to see that they, too, despite saving and planning for retirement, are being economically attacked in the last 8 years of failed policies, vulture banks, stock market failures, savings interest collapse, etc. Maybe we should pause and consider. before applying previous failures to an entire new generation...maybe GenZ is a lot more intelligent financially than we think. I think they will be just fine, BECAUSE they see what can happen when banks and stock markets and the Government act in their own interest, and not in the interest of the People.
I had an older fellow tell me years ago that I can have a good time when I was young or have a good time when I was old. Can’t have both. I thought there was a lot of wisdom in that statement…. And I fully agree with @ddddd in that we have set exactly the wrong example at the federal level with all this financial support. It does reinforce the ideal that one will be bailed out when they get themselves in a fix. But then I believe that dependence on the Fed is a political agenda these days….. It’s a sad sad state.
Do you have any actual examples of financial support of those tax paying citizens that do not deserve Federal assistance? Just curious what you are talking about.
