Gen Y Must Take Control of Financial Future
09/09/2010 0 comments
"Generation Y has suffered more financially than other generations, according to the Western Union Global Payments Money Mindset Index.
The reason: Gen Y is growing up at a time when the financial crisis has impacted all aspects of their financial existence from getting a job to paying off debt."
Ruthie Ackerman at BankInvestmentConsultant.com wrote the above, regarding an interview with a Western Union senior vice president. It struck us with the following quote from the Western Union executive:
“They are trying to learn the rules of the game, but the game is changing all around them,” and "“This combination of difficult economic conditions and some of their money management behaviors has created the perfect storm.”
The key in the above quote is "the game is changing all around them". Yes, we are now in a difficult and uncertain period that requires us to change the way we manage our finance: payoff credit card and other debts, cope with job loss, better manage our emotional state. People often don't save enough and in the case that they did save in their retirement accounts, they were often hurt badly due to risky and random investment behavior.
labels:retirement,personal,finance,
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