Our generation's lack of work ethic and money skills.

[JMapleton]

Does anyone else find that this current generation of young people (30 and under) and even some older people, lack any desire to save money or invest?

I work with many people who save zero, have no retirement, and when offered unpaid time off, they take it. Many of them average 32-35 hours a week because of their addiction to leaving early.

Needless to say, very few of these people are homeowners and most drive beater cars.

I've asked many of them about this, and their response is usually "I work to live, I don't live to work, etc."

I on the other hand lead a group of people we call at work, the "overtime ballers." Some of us working 100+ hour weeks during the holiday season. But the our group is small and most people simply do not want to work.

Young people, do you have similar experiences with co-workers?

 

[zCypher]

Yup. Working all the time sucks. I used to do plenty of OT. For a while I was doing enough to almost double (after tax) my income. Granted i wasn't making all that much to begin with (normal pay was about 500/week net) but I worked many long hours to bump that up.

I ended up owing money on taxes and I had no life during the time I worked harder. Now I don't do OT but I make more effort to minimize wasted expenses and cost of living. I would say I am quite a bit better off in every respect. I do side jobs here and there which net me far more money than OT at my day job and I enjoy low stress work life balance.

But yes... I have many a part time coworkers in their 20s not a care in the world nor a penny put aside. Oh well, whatever works for ya i guess.

 

[Atomic Playboy]

What if I were to drop dead tomorrow? All that money in my 401k would be worthless!

 

[Newbian]

What if I were to drop dead tomorrow? All that money in my 401k would be worthless!

You use it to buy hookers and blow in heaven.

 

[zerocool84]

I worked as much as I could,, tons of overtime, even unpaid sometimes, I learned that after getting let go from that company after 4 years of doing so much for them that my free time is worth infinitely more. It has nothing to do with work ethic, just that some people value their free time more which I've learned to do as well. I still do overtime at my current job but am not going to devote my entire life to it because in the end it's a job and it shouldn't be your whole life because then you'll have no life. Plus they can let you go on a whim no matter what you've done for them. I don't envy people working your 100+hrs a week at all.

 

[jlee]

I worked as much as I could,, tons of overtime, even unpaid sometimes, I learned that after getting let go from that company after 4 years of doing so much for them that my free time is worth infinitely more. It has nothing to do with work ethic, just that some people value their free time more which I've learned to do as well. I still do overtime at my current job but am not going to devote my entire life to it because in the end it's a job and it shouldn't been your whole life because then you'll have no life. Plus they can let you go on a whim no matter what's you've done for them. I don't envy people working your 100+hrs a week at all.

This.

 

[Rage187]

Meh, the ones I run into are products of helicopter parents and have walls plastered with 4th place ribbons. They think they should be a manager 2 years out of college and can't take professional criticism. They also apply for every position, specifically shit they are nowhere qualified for, then they get mad when they don't get it.

 

[Merad]

What's the point of the money if you have no time to enjoy it? If you're working 100 hour weeks then, assuming that you still get 7 hours of sleep per night you have 2 hours and 40 minutes per day outside of work... and that's including your travel time. Are you gambling that you're going to get all your enjoyment after retirement? Or that you'll make enough to take an early retirement?

 

[JMapleton]

I worked as much as I could,, tons of overtime, even unpaid sometimes, I learned that after getting let go from that company after 4 years of doing so much for them that my free time is worth infinitely more. It has nothing to do with work ethic, just that some people value their free time more which I've learned to do as well. I still do overtime at my current job but am not going to devote my entire life to it because in the end it's a job and it shouldn't be your whole life because then you'll have no life. Plus they can let you go on a whim no matter what you've done for them. I don't envy people working your 100+hrs a week at all.

I still find my life to be enjoyable because of the opportunities more money gives me. I can do things my 32 hour/week colleagues cannot, like vacation and buy expensive stuff.

I look at it like this, I would rather have less free time but that free time be more enjoyable, than have a lot of free time to think about how broke I am.

 

[johnjohn320]

I've asked many of them about this, and their response is usually "I work to live, I don't live to work, etc."

And what's wrong with that? Let other people live their lives and quit judging them.

 

[johnjohn320]

I still find my life to be enjoyable because of the opportunities more money gives me. I can do things my 32 hour/week colleagues cannot, like vacation and buy expensive stuff.

I look at it like this, I would rather have less free time but that free time be more enjoyable, than have a lot of free time to think about how broke I am.

Money!=happiness

 

[jlee]

I still find my life to be enjoyable because of the opportunities more money gives me. I can do things my 32 hour/week colleagues cannot, like vacation and buy expensive stuff.

I look at it like this, I would rather have less free time but that free time be more enjoyable, than have a lot of free time to think about how broke I am.

There's a bit of a difference between 32 hours a week and 100 hours a week.

Just sayin'.

 

[HamburgerBoy]

And what's wrong with that? Let other people live their lives and quit judging them.

What's wrong is that it's an unsustainable life style that exists only due to the xenophobia and sloth of the American middle class, foolishly believing that China is incapable of out-competing them in non-menial tasks.

 

[KLin]

Different strokes for different folks. Stop worrying about what other people do.

 

[JMapleton]

Different strokes for different folks. Stop worrying about what other people do.

If you want to get into a debate on how it does affect me, we can, because it does.

But in general, I do not worry about others. I live and let live. But I'm just bring up this topic to discuss why it's happening in our generation, whereas most previous generations and most people worldwide have strong worth ethic/saving attitudes.

 

[Paul98]

Does anyone else find that this current generation of young people (30 and under) and even some older people, lack any desire to save money or invest?

I work with many people who save zero, have no retirement, and when offered unpaid time off, they take it. Many of them average 32-35 hours a week because of their addiction to leaving early.

Needless to say, very few of these people are homeowners and most drive beater cars.

I've asked many of them about this, and their response is usually "I work to live, I don't live to work, etc."

I on the other hand lead a group of people we call at work, the "overtime ballers." Some of us working 100+ hour weeks during the holiday season. But the our group is small and most people simply do not want to work.

Young people, do you have similar experiences with co-workers?

Not even slightly, most are far better off and know more about finance than those who are older.

 

[IronWing]

..., whereas most previous generations and most people worldwide have strong worth ethic/saving attitudes.

Not really. There have always been slackers and grasshoppers. Saving used to get you more when interest rates were higher. With interest rates on savings accounts and CDs below the rate of inflation I can't fault folks for not saving more. Loyalty to an employer used to motivate workers a bit when success for the company translated well to success for the employees. Since employers jettisoned that social contract there really is no incentive for employees to strive.

 

[Gintaras]

WORK MAKES YOU FREE...at least for current young generation.
And if you or your parents can't pay mortgage, Halliburton has build plenty of "apartments" for such people. Google for: Halliburton detention camps

WORK MAKES YOU FREE !!!

 

[PrinceofWands]

It's not age dependent. Most people have little or no savings and almost no investments. Very VERY few invest or save more than a tiny amount, even before the massive collapse since the start of the 21st. Of course, now that's because only a tiny portion of America makes more than it costs just to survive. With 55%+ of the country making under $30k/yr (~80% <$50k/yr) any form of savings or investment is largely a thing of the past.

I'm in the 'work to live' category and I'm 40. I put in as few hours as humanly possible to sustain myself, though I do save (not invest) when reasonable to do so. I've done the huge work week thing (up to 115 1/2 hours per week for a stretch). It was harmful, stupid, and ridiculous. Never again. Money (beyond the $30-50k/yr range) is utterly useless and the pursuit of it isn't just the root of evil, but the embodiment of it as well (not to mention utterly unsustainable and a driving force behind the economic collapse).

I vacation and have nice things, working far less than the employees you mention, even when I'm at minimum wage. Own a nice home, own a car, toys, etc. It's all about careful spending, generational living, and avoiding ALL debt/interest/fines/penalties & worthless consumerism.

Previous generations had a different mindset because jobs still offered retirement, and you usually stuck with the job you had (ie careers). That's almost totally done and gone now. Entirely different reality to live in.

 

[JMapleton]

Not really. There have always been slackers and grasshoppers. Saving used to get you more when interest rates were higher. With interest rates on savings accounts and CDs below the rate of inflation I can't fault folks for not saving more. Loyalty to an employer used to motivate workers a bit when success for the company translated well to success for the employees. Since employers jettisoned that social contract there really is no incentive for employees to strive.

Throughout most of the world, the majority of people save far more than the average US citizen does.

In China, the average citizen saves about 25% of their income, all the while having a lower standard of living than in the US. There were a few years in the US in the mid 2000s when the average savings rate was negative. That means the average person was spending MORE than they make. Incredible.

As far as CD rates, no young person invests in thoses. Stocks, investment grade real estate, even homeownership is what that extra money could be used for. These are safe investments if done correctly. But most people know little about these financial instruments.

 

[Merad]

But I'm just bring up this topic to discuss why it's happening in our generation, whereas most previous generations and most people worldwide have strong worth ethic/saving attitudes.

Sorry, not true. Savings rates have been in decline for 30+ years and have been in the crapper (<5%) for 20 years.

 

[Born2bwire]

How can I save money when jeans cost $200 a pair?

 

[johnjohn320]

We (Americans) also take less vacation time than other countries.

 

[JMapleton]

Sorry, not true. Savings rates have been in decline for 30+ years and have been in the crapper (<5%) for 20 years.

I said most, because the baby boomer generation was the start of this. The WWII generation and all before it practiced safe spending and saving for the future.

Savings rates have been in decline since the dawn of the babyboomers in the 80s. It's only getting worse with Gen X and Y.

 

[Red Squirrel]

I like to take overtime, because I know it's not something I always have to do, so I see it as a bonus cash. But I would hate if it got to a point where I had to work overtime every day. I'm a strong believer in work to live, not live to work, so when work starts getting in the way of living, it is a big problem.

The key to saving is living within your means. If you only make 30k per year and want to own a house, well either buy a trailer, or buy a really beat up house and slowly fix it. And save money towards RRSPs and other long term savings as well before short term savings for toys/renovations/etc. The best way to save is set it up so it automatically comes out of your account when you get paid, so you don't see it, well you do, but since it comes out right away, the balance you have, is what you can use now.

The more you can save/invest, the better, but at same time you still have to live and there may be leisure things you want now, so you can save up for those then buy them. If you put all your stuff in long term savings, and get hit by a bus, what's the point? Still have to live, but at same time, also need to think of the future. Most workplaces are getting rid of retirement packages, don't count on that. Save money yourself if you want to retire.