Used to be, frugality and thrift — saving for the future instead of spending for the now — were considered admirable.

Not anymore, it seems. There’s this new book titled Not Quite Adults, which looks at “why it takes 20-somethings longer to reach the traditional ‘adulthood’ milestones.”

The headline:

Why GenY Might Be Too Frugal

One of the answers:

They might be too afraid of debt.

The authors’ research suggests that GenY is so frugal that they might take their fear of debt too far, and avoid even good investments such as college, home purchases, and small business start-up costs. “Many young people, especially those from lesser means, see the price tag [of college tuition] and think, ‘Oh my god, I can’t possibly take that on.’ They could be shortchanging themselves,’ says Ray, since college is an investment that pays off.

That, of course, depends on what you study in college. Also: while a reasonable amount of debt is a wealth-enhancer, our recent economic unpleasantness resulted in part by a vast hunger for debt. Way too much debt. Too many people going too far into debt; lending institutions allowing customers to obtain too much debt; and government policies encouraging both.

So a reluctance to go into debt today may well be a sign of maturity, rather than immaturity. Good decision-making, replacing the Right Now consumerism of the past few decades.

That’s time’s a-changin’ fer ya, I guess. Then: “save your pennies, boy, so you can support a family someday.” Now: “get down to the bank, boy, and sign away those paychecks!” Old and busted: “we’re saving for a house.” New hotness: “no money down!”

(Posted by The TrogloPundit)

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