Do you think your children are learning from their parent’s financial woes and are practicing better personal finances, such as saving more money? The Wall Street Journal yesterday reported in “Watching Parents Fail Sparks New Rebellion: Saving Money.”
I think this could indeed be true, I know we have been transparent with our kids about things we have learned, sometimes the hard way, and their attitudes about finances are very spot on. It seems as though for prior generations finances were sometime more secretive. Today in light of parents perhaps not saving enough or budgeting like they should have, the recession has exacerbated family finances, and kids have witnessed first hand their difficulty, and they don’t want to go through the same thing.
I know when we lead the Dave Ramsey Financial Peace University class it seems there are almost two groups of people: those in their 20’s who want to get it right for a lifetime, and those who are older who have gone through difficulty and have regrets. There are about 20% who actually are doing okay, but just want to do better too.
Have you noticed teenagers and young adults trying to take control of their finances more these days?