Being in Vancouver, I’m in the middle of the ultimate Real Estate mania, but everybody my age thinks “they must buy a place” because that’s what their parents have programmed them to do. Very few start to take a look at their finances and consider that purchasing a home will cost 3 times their monthly rent, and maybe there are better places to invest your money.

On to the boomers, I think they have a self-righteous attitude as a whole. They think they’ve solved the world’s problems and are solely responsible for all of the good in the world, and can do no wrong, since they are the richest and most successful group thus far. Somehow these 60s hippies evolved into the most polluting, environment destroying, debt ridden (on a government level) generation the world has ever seen. (Un)fortunately they will always carry a huge vote, and so when their medical bills mount as they age, guess who will pay the price?

I don’t mean to be sarcastic or mean, but those are some of the biggest problems I see with each group.

And, the introduction of the internet and television as mainstream media sources has fueled our consumerism. We buy without resolve!

My impression is that these days, it’s not that hard to get a decent job and live off its decent salary provided you’re financially adept and spend within your means. Getting a 50K job within a few years of working is quite possible and that’s comfortable to live off of.

What I feel is hard is achieving the upward social mobility that my parents have achieved. Go back thirty years: if you had a bachelors, making decent to comfortable pay and keep your spending and savings goals in check, you’re pretty damn good and ahead of the competition.

Same situation now: you’re behind the curve buddy. Everyone else is working on their masters or doctorates, taking CSC/CFA courses, investment savvy and has had investment accounts since they were in elementary school. I don’t mean everyone in the literal sense but a large enough group that actively doing these things only makes you slightly better than the competition and even that edge is eroding rapidly.

Yes, I’m making comfortable salary, saving at a comfortably clip and can hit 100K in net worth before 30. That’s great, so can a good portion of my peers and pretty much everyone I graduated with.

It’s a shame that we don’t feel it’s important to teach children financial responsibility from elementary studies on, stating with basic money concepts and going from there.

My wife found a group on the net last night that offers these types of programs to children during the summer. Sounds like it’s something that should be part of core curriculum.

I have no particular aptitude for carpentry, or plumbing, or car engines. But if my kid did, I certainly wouldn’t try to convince him why he’s better off getting a BA in Philosophy.

I’m actually in the generation Ms. Kamenetz describes, and I think your assessment is bang on. Yes, it’s hard these days to get ahead. Parents often have a script in their heads as to how your life will work (“if he studies in school, picks a job, works hard at it, he’ll buy a house ang get a pension one day”) based on their generation but that mold really doens’t work anymore. All my friends are over-educated and stuck in the constant intership cycle, living with roomates while they approach 30 because they lack the job stability to get a mortgage. It is hard to be a 20-something today, and it’s getting harder.

I just don’t necessarily share her knee-jerk “blame the baby boom” attitude for all this. I think all generations have their struggles to overcome, and by and large they do. This one is no different.

two section I was in complete agreement with were that we definitely need more personal finance education at an earlier age (I’m shocked by the number of people my age who have no idea what things like interest rates mean for them) and that predatory lenders giving easy credit to students needs to be stopped. But I think she certainly overstates her case a bit in places.

With respect to your education comment, we use to have “home economics” in junior high but that course taught you how to sew and repair a hole in your pants and not how to manage credit or balance your cheque book. If nothing else, given that most Western governments cannot afford to meet their pension obligations for long, we should really strive to teach people economic self-sufficiency. I also finished Freakonomics last night and it had an interesting observation- people from disadvantage backgrounds are no better off going to a “good” school. However, they were better off in technical and vocational school. Some food for thought.

While I believe that while my generation faces barriers to access, the biggest one is that most of us are used to having so many things provided for us due to our parents’ wealth. We live at home longer, many have their parents pay for a lot of their lifestyle well into their 20s (car, entertainment money, etc.), and we have always been given ‘what’s best’ for us as we grew up. I now see the next generation becoming even more spoiled, as my wife is an elementary teacher. Heaven forbid these kids clean up after themselves – somebody should do that for them! The affluent are getting far too used to having something for nothing, thus the exploding generation debt.

That said, I know many students who work hard and will face daunting debt obligations coming out of University. However, one of the biggest notions we need to challenge is the need for University degrees as a pre-requisite for a decent job. While a degree can be a rewarding experience, many have little or no real-world application. We would be better served trying to place high school graduates in post-secondary applied training programs, with a focus on skill development and lifelong learning.

Complacency and comfort are the biggest issues the western world will face as hungry young nations work hard for their earnings. I am worried about my generation’s ability to compete.