Comments on: Are Twenty Somethings Not Saving Money?

By: Autodidact

Autodidact — Sun, 14 Mar 2010 05:49:23 +0000

If most 20 somethings aren’t saving it is probably because their unemployment rate is hovering over 20 percent.

By: Candy Dish: Girl Scout Cookies Are Yummy : College Candy

Candy Dish: Girl Scout Cookies Are Yummy : College Candy — Tue, 26 Jan 2010 23:01:15 +0000

[...] Are 20-somethings not saving money? [...]

By: Roundup and Link Love: Sunny Orlando Edition

Roundup and Link Love: Sunny Orlando Edition — Fri, 20 Nov 2009 12:03:01 +0000

[...] Are twenty-something’s not saving money? – A look at whether younger generations are actually saving money. [...]

By: Laurie McLachlan

Laurie McLachlan — Tue, 17 Nov 2009 22:23:42 +0000

High yield checking accounts can be a good option but, believe it or not, they’re not the best option for everyone. Unless you park a lot of money in your checking account, you may actually make more with an account that gives you cash back rewards for what you spend. This article explains this point well:

http://tinyurl.com/yg9y2da

Laurie McLachlan
PerkStreet Financial

By: Studenomist

Studenomist — Tue, 17 Nov 2009 15:55:38 +0000

@thomas I agree that goals need to be set but sometimes it’s difficult to filter out all of the junk and get down to what really matters.

@Ben The results of freely available credit have clearly been evident over the last year.

@Vinish I only hope that more people my age have a chance to read Studenomics.

@MLR Sorry I should have made it clear that I was referring to 20 somethings in 2009.

By: In the Money

In the Money — Tue, 17 Nov 2009 13:59:48 +0000

MLR – Your parents may use many of these options to pay bills/spend money, but these options were not around since they were kids. When they were younger, ecommerce was not as large an industry as it has become now nor did they have the ability to pay bills with direct withdrawal.

I think Studenomist makes a good point that saying NO to these spending opportunities is key.

By: MLR

MLR — Tue, 17 Nov 2009 07:54:06 +0000

Studenomist –

But those options are available to every generation. My parents use direct deposit, have atm and debit cards, online bill paying, etc etc…

I am confused in which direction you are heading with this reasoning, I guess. Forgive me if I am misreading something!

By: Vinish Parikh

Vinish Parikh — Tue, 17 Nov 2009 07:49:24 +0000

Young generation always believes in spending more they seldom give thought to save. I hope some youngsters start saving after reading this article

By: Ben

Ben — Tue, 17 Nov 2009 07:19:30 +0000

Replace the word generation with society and I’m on the same page.

Older people are more thrifty but you have to go back to those who lived through the Great Depression through WW2 to see a real difference.

Chances are it’s the 20-somethings parents that bought a house too big for them to afford, etc.

…and there is the link, freely available credit. Lending standards from credit cards to mortgages need to be reevaluated.

By: thomas

thomas — Tue, 17 Nov 2009 05:09:46 +0000

Before we get into saying that our whole generation doesn’t save, there is something far more important.

The idea of savings or any goal is that there must be a motivation behind. Why should I save?

Perhaps because I don’t want to go into debt when an emergency happens. Or I want to have enough money when something unexpected happens.
So i can have money without relying on others.

As I said, there needs to be a strong backing to these goals, if there isn’t there is no point of doing it.