True nature of spending may understood only if spending pattern of age group 22-25. is studied;they spend more than they earn and they go into depression mode immediately if they do not have sufficient cash on hand or a credit card or for that matter if they can not recharge their cell phones.Their ability to face the vicissitudes of life, especially finance, is very minimal and they need toughness to handle crises of life which they lack now, because of higher wages and easy recognition.
Story.
AFTER the spend-like-there’s-no-tomorrow Generation Y, the economic crisis is breeding a new generation of financially savvy kids, a Queensland banker says.
Unlike spendthrift Gen Ys, the next generation has watched and learnt as their parents coped with the economic downturn, according to Suncorp’s general manager of banking Terry Wasmund.
“The general population has tightened their belts up over the last couple of years and there’s some anecdotal evidence that that attitude is being passed on to the children,” he said.
“We’re seeing them be a bit more wise about savings.”
With more children opening their own savings accounts, Mr Wasmund said it appeared the global financial crisis had delivered one positive outcome – teaching children the value of money.
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