Gen Y -- "Narcissists in Neverland"?

<p>From Newsweek:
" In May, Britain’s HSBC banking group released a global study on the future of retirement, which found that in nearly all of the 21 countries they studied, senior citizens–those who in times past would have been cared for by their grown children–gave more money to their offspring than they received. In total, almost a quarter of baby boomers had provided financial support to grown children at least once in the previous six months.</p>

<p>Regional studies yield more specific data: in America 28 percent of 22-to-29-year-olds rely on money from their parents to fund “major expenses.” In Britain half of people under 30 get help from their parents for first-home deposits–up from just 10 percent a decade ago. “Lots of baby boomers are deciding not to retire and using their money to lift their kids out of falling into the lower brackets of society,” says Richard Jones, deputy head of HSBC’s retirement businesses. </p>

<p>Because of this safety net, it’s not surprising that Gen-Yers have much more relaxed priorities than their money-motivated Gen X and baby boomer predecessors. In a study released this summer, global employment agency Manpower found that across the developed world, under-30s would overwhelmingly rather “pursue their passions” than “make lots of money,” with 73 percent of young Spaniards and two-thirds of Americans and Canadians backing that statement. …"
<a href=“http://www.newsweek.com/id/52229[/url]”>http://www.newsweek.com/id/52229&lt;/a&gt;&lt;/p&gt;

<p>Since the first baby boomer turned 65 this week, I wouldn’t think there are a lot of data yet on how “senior” baby boomers are acting. Unless you accept the AARP’s definition of a senior citizen as anyone over age 50.</p>

<p>Also, I think a lot of baby boomers got parental help and loans. Heck, my “Greatest Generation” parents borrowed money from my mother’s immigrant parents when they bought a home.</p>

<p>I’m pretty sure my generation started out “pursuing passions” rather that “making lots of money”. (That’s not exactly an unbiased survey question, by the way) These are young people. I’d be worried if the results were any other way.</p>

<p>Nothing to be worried about here.</p>

<p>Very interesting reading, right to the last paragraph.</p>

<p>I think about this quite a bit, since mine are in their early 20’s (22, 24). On the other hand, they’re in the performing arts so if they don’t have the chance to live close-to-the-ground right now, they really won’t ever find out if they can make it. And both are self-supporting in shared apartments, no cars (use public transportation), FRUgal lifestyles --unbelievably so. One acts off-Broadway, another is working on illustrating children’s books. But both get by (just) on a mix of flex-schedule skilled day-jobs as language teachers, tour guides, event photographer and so on. They are active, living in other cities, trying to make their way. I was doing the same thing at that age. (I went back to graduate school at 26 after 3 years working as a waitress, secretary, whatever trying to paint…). By that meager measure, my kids are doing “better” than I was because at least their day jobs are skilled, worthwhile and pay high by the hour. THey work them 20 hours, not 40 hours per week. That’s how they free up enough time to try to pursue their dream. It seems a reasonable trade to me. Both went to fine LAC’s.</p>

<p>Anyway, they ARE actively engaged in their work, it’s just that their work is as actors/artists. We don’t send them money, but we cover their health insurance and fly them home for December vacation. If we insisted at age 22 and 24 that they go to law school or work corporate jobs RIGHT NOW, they’d never even have a chance to find out if they could make their primary living as an actor or artist. I don’t want to be the one to break their dreams. If that’s what the world tells them, they’ll know in a few years; meanwhile, I hope they might defy the odds and BE that one. They certainly have that much talent and are working hard towards a focused vision. Perhaps at 27 I’d feel differently. H tells them to put aside for a pension (self-managed) but that is just too optimistic this year. They’re paying off their college loans, too. They are certainly working as hard as they can, 50 hours weekly on their goal-tasks. I’m not sure what more to ask of them, other than to give it all up for corporate jobs or grad school immediately. That feels like a mistake; it should be their call before age 30. I worry/wonder/think about this at times, but not Worry-and-Fret big-time. </p>

<p>I have a younger brother-in-law aged 50 who decided at age 29 to give up being a jazz club percussionist and enrol in law school. Law schools don’t mind late applicants and now he’s comfortable, but he didn’t make that decision until his first baby was born. It was his decision. And none of our extended families crave things. It’s never been about the money but meaningful work for us, too. The phrase “meaningful work” was in our home and they picked it up, growing up (clergy, schoolteacher), so I shouldn’t be surprised if they’re not primarily motivated by financial security at the outset of their adult lives. I hope it comes into balance within 10 years for them, however. They couldn’t buy homes or raise children the way they now live; on the other hand, they don’t WANT those things right now for themselves. I listen to agemates enjoying their kids buying a first condo or having a first grandchild, so there are different paths. Back to rightness of fit, I suppose.</p>

<p>I do think about this a lot lately. Thanks for the interesting article link, northstarmom.</p>

<p>Gen Whatever-the-author-belongs-to: “We’re better than they are”</p>

<p>From Superiorityweek:</p>

<p>"Specialists who are like me agree that the generation coming after us is, in a word, just not as good as us. Whereas WE always made the prudent, though at the same time financially uplifting, decisions, with no help from anyone whatsoever so help us God, THEY are lazy, goal-less parasites, living off the fruit of our perfect lives. </p>

<p>We labored long and hard to convince them that the rat race is the place to be, and they go and betray us by caring up personal fulfillment instead of money.</p>

<p>Where have we gone wrong?"</p>

<p>Garland, please pm me with subscription info. Thanks :)</p>

<p>Dadx–if you have to ask, it’s not the magazine for you. Sorry. ;)</p>

<p>Hmmmm. My parents came into a whopping amount --but my mom had to lose both parents before the age of 35 to have that. Not a great trade-off but the funds did allow my parents to shift their priorities. My father dialled back his ambition dramatically. They bought a weekend property that figured large in our lives. Even before her parents died, we received lots of wonderful gifts courtesy of maiden aunts and widows. Color TVs and electric appliances arriving at the door in 1967–that sort of thing. My mom’s car was a gift from her father.</p>

<p>My H’s parents had no fallback, no wealth on either side, but they scraped their way to the tippy top and have been wildly generous to H and his siblings and their grandchildren. That was the point of the scraping, I think. </p>

<p>I hope we have enough to help with first down payments, tuition and maybe an overseas trip or two. That would give me great pleasure.</p>

<p>From my single data point, society is slowly improving. This lot of college students seems to have a jump on the boomer generation by at least two or three years of maturity.</p>

<p>If being reluctant to cut the apron strings, have serious relationships, move out of the house, and have your parents fight your battles is progress I think we are going in the wrong direction.</p>