Comments on: Have We Become a Society of Financial Adolescents?

By: Mary

Mary — Sat, 14 May 2011 14:37:25 +0000

This reminds me of the book “Miss Manners’ Guide to Rearing Perfect Children” in which she states something to the effect… “of course childhood should be miserable, otherwise no one would want to grow up.” This made me burst out laughing but there is a grain of truth.

Now I tell my children that their disatisfaction is a very important motivator to have them move to the next phase of their life. I have every confidence they will improve upon what they view as deficiencies in their childhood.

They long for the freedom to do as they please. Our job is raise them to be self sufficient contributing citizens and to protect them from making permanent mistakes until they understand the consequences of their actions. Freedom too soon, and without responsibility, is a recipe for disaster.

By: 2 Cents

2 Cents — Wed, 30 Jun 2010 00:57:47 +0000

I’ve read some research lately that shows that today’s youth actually do score lower on empathy measures. I know that we can’t generalize, but that’s not encouraging for the future. I wonder if the tougher economic times will force us to help each other out and take more personal responsibility, or will our “me first” attitude make the economic and social problems worse?

I hope that we can work together to solve the problems we face. Thanks for your comments Bret!

By: Hope to Prosper

Hope to Prosper — Tue, 29 Jun 2010 22:05:07 +0000

Great article 2 Cents. You hit the nail right on the head.

I am in my mid-40s and the biggest disappointment to me is how selfish and entitled people have become during my lifetime. Being a child of the 60s and a kid of the 70s, there was a bigger sense of the greater good and self-sufficient behavior was respected. Now, it seems like there is a large segment of society that are all about themselves.

Thirty years ago, people would have been ashamed to admit they were in debt, instead of bragging about walking away. And, parents demanded some effort and contribution from their children, instead of protecting their self-esteem.

I hope it swings back around at some point. Otherwise, there will be a lot of disillusionment from the entitled, when the world stops coddling them.

By: Carnival of Personal Finance #263 – Upstate Edition

Carnival of Personal Finance #263 – Upstate Edition — Mon, 28 Jun 2010 11:34:38 +0000

[...] Cents from Balance Junkie presents Have We Become a Society of Financial Adolescents?, and says, “Here’s a comparison of the psychological characteristics of teens and the [...]

By: 2 Cents

2 Cents — Wed, 23 Jun 2010 00:37:39 +0000

Teens aren’t learning good financial management through practice, but they certainly don’t have a lot of good models either. Maybe some formal education is what’s required. Thanks for your comment Pop.

By: Pop

Pop — Wed, 23 Jun 2010 00:19:50 +0000

@ Kevin Life expectancy after World War 2 for a newborn was about 64. Now, we’re pushing 80. The jobs we need people to fill also require a lot more education than was needed after WW2. The U.S. doesn’t exactly have the manufacturing-centric economy it once had. That said, I think what you’re really identifying is the fact that given teens aren’t learning good financial management skills through practice as they did decades ago, we need to find other ways to educate them. It’s not good to spend the first quarter of your life setting yourself up for failure in the next 3/4s! Nice post, 2 Cents.

By: 2 Cents

2 Cents — Mon, 21 Jun 2010 18:01:36 +0000

Excellent observations Kevin. It seems like the extended time frame of adolescence is reflected in society as well. Growing up really isn’t so bad. Honest! Responsibility can be very empowering. Thank you for your thoughtful comment!

By: Kevin@OutOfYourRut

Kevin@OutOfYourRut — Mon, 21 Jun 2010 17:52:19 +0000

Adolescent behavior by teens is quite normal of course, but the complication we have today is extented adolescence that often carries well into the 20s and beyond.

Until World War 2, a teen was considered ready for adulthood by 14 or 15, earlier if circumstances required it, and the culture of the day encouraged growing up. There was no time to camp out in adolescence–real life was calling.

Today, kids are in high school thru 18, college thru 22 and then maybe there’s grad school. They spend most of their 20s ‘finding themselves’, which often carries into the 30s and may go on throughout life.

Education, the media and the pop culture, plus parents and credit, encourage and enable not growing up.

It takes a real sense of self-esteem (or tough circumstances) to buck the trend and mature early. I think that’s a lot of what’s behind the surge in bankruptcies and foreclosures in recent years. Would a person buy a house with 100% financing if he really thought it through?
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