She suggested the most productive route for people feeling anxious about money is to take in different financial perspectives and make a budget — one that's realistic and shame-free.

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[–] Philosoraptor@hexbear.net 53 points 9 months ago (2 children)

While parents can teach their kids valuable lessons about saving, not all the money rules that pertained to Gen Xers and boomers translate to today's economy.

For example, Clayman said, generations growing up in the postwar era were more likely to have pension plans, while retirement is largely self-funded now. Plus, factors like inflation and a higher cost of living can make it harder for younger people to stick to strict saving schedules.

Things that used to be provided for you for free now require you to save money yourself, but also advice about saving money is old-fashioned and you shouldn't listen.

No save! Only consume!

[–] came_apart_at_Kmart@hexbear.net 14 points 9 months ago (1 children)

Boomer financial advice:

Mow lawns for a summer and save your earnings to pay for college. Take some extra shifts at the factory and buy a house. Sell it in 20 years for a million dollars and move into a condo in Florida.

[–] Philosoraptor@hexbear.net 14 points 9 months ago

Don't forget "constantly tell everyone younger than you how much harder you worked to get here than they could ever imagine."

[–] NuraShiny@hexbear.net 3 points 9 months ago

I read that as 'white parents' at first.