Maclean’s latest cover story, “Living On Less” takes an optimistic stance on the troubled economy. The writers Colin Campbell and Jason Kirby suggest that a frugal life could very well be a healthier and happier life—especially for Generation Y.
For a younger generation, a shift of this kind may prove more painless. In fact, their values and attitudes toward money, work and the environment may be helping to drive the change. Eric Meerkamper is a partner at the youth research marketing firm Decode in Toronto. More than having a house and a nice car, he argues, young people value having balance in their lives. “They still want more but not in [terms of] accumulating things necessarily,” he says. Money is important, yes, but work is seen more as “an enabler to living a full life,” he says. Smead, the author of Don’t Trust Anyone Over Thirty, believes people in their 20s, have come to realize they won’t have the same standard of living as their parents, resulting in lower expectations. In short, he says, “they’ve got a more realistic view of the world economically.”
I found Meerkamper’s interesting since I’ve read more negative views of my generation. Those of us in our 20s are often described as materialistic, confident and although tech-savvy, we’re awfully ignorant of the world around us.
Earlier this month, The Guardian asked “The generation facing its first recession. How will they cope?” Writer Tracy McVeigh described 18 to 27-year-olds as “dream consumers” and writes:
The average Generation Y-er does not know the difference between a credit card and a debit card, according to a Bank of Scotland survey, and, while two thirds know the price of an Apple iPod Mini (£179), three quarters have no idea what a pint of milk costs. One in eight thinks that ‘in the red’ means being embarrassed. They each have 800 illegally downloaded songs, and one in 20 spends more than £100 a month on mobile phone bills. Many never read newspapers and two thirds do not vote.
…
If the credit crunch becomes a full-scale recession, no one will get a bigger shock to their aspirations than this pampered, techno-savvy generation.
Obviously, there are exceptions to every blanket statement. I think that despite some debts, most of my friends fit under Meerkamper’s description. We’re also folks who do our own grocery shopping, follow current events and we all voted in this month’s federal election. Unlike the young people interviewed for McVeigh’s article, we’ve all graduated from university and are employed full-time. We also have different views on money than we did five years ago. I like to think it’s just that we’re older and wiser, but is McVeigh right and we are the exception?
What do you think? Based on the 20-somethings in your life, do you think we’ve got a more realistic view of the world economy or are we about to get the biggest financial shock of our lives?
5 comments
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October 28, 2008 at 12:15 am
Aaron Wakling
Do you do blogroll exchanging? If you want to exchange links let me know.
Email me back if you’re interested.
October 28, 2008 at 5:30 pm
toshspice
I am twenty seven and work full time. I think I know that meaning of a dollar. But i also live at home, have a blackberry, laptop, and IPOD Classic. So there you go. I do pay rent though.
October 29, 2008 at 12:20 am
chewbacca
I’m 29, been working for 8 year. The thing that scares me the most about this recession is not living without the current comforts, but the chaos that could potentially ensue if worse comes to worse.
I have enough saved up for a rainy day, but I don’t think any amount of money will prepare for chaos caused of mass unemployment, food shortages, and potentially war. It’s not the financial shock that I think our generation would face, but more of the shock of the break down of social order if the recession becomes a depression.
Then again, that’s not something most people born after the 50′s have faced, so it wouldn’t be isolated to generation-y.
November 19, 2008 at 6:41 pm
Squawkfox
I must have been born in the 1930s, in another life. I’ve always been frugal and penny pinching. I’m no longer in my 20s (snicker) but I think the 20-somethings will be OK. Many have worked at least a PT job at some point, and can relate to the value of a dollar.
January 4, 2009 at 2:28 pm
stereogary
The Economist just published an article on this very topic. It brings up many of the same stereotypes/issues: http://tinyurl.com/8hh8hd
I’m personally a few years older than the 20-something demographic but I empathize. Those I know in their 20s are very driven and have good work ethics, but they also seek balance and control in their lives, and are not happy serving as mindless corporate drones. However, there is also a very obvious taken-for-granted love of expensive gadgets, shoes, brand-name clothing, toys, etc. that may be hard for them to give up if times get tougher.