There was a great article I read in the New York Times The Frugal Teenager, Ready or Not that talks about the affect the credit crisis is having on younger people.
Many of them grew up during a time period where there was abundance, especially during the 1990’s. They do not know what it’s like to embrace a world where it is harder to get by.
In the article, it states that American high school graduates are weak in quantitative skills, making them weak with the subject of money. A 2007 study done for Charles Schwab, 62 percent of teenagers felt they were ready to handle the world of finances after high school. When asked about their knowledge of certain money topics, most had no clue about some of the basics like check book balancing (although isn’t that outdated with internet banking?).
I hope in the near future that parents will have talks with their children about money and get them to increase their financial awareness . The sooner they learn about the world of money, the sooner they can focus on building assets, and not acquiring liabilities or unneeded expenses.
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Personally, teenagers and people in their 20s have never experienced a terrible economy and most of their parents got them in poor spending habits. I don’t think most of (us) have it in (us). It’s a shame
Also, I saw you on Twitter as a young entrepreneur. I wanted to invite you to a private young entrepreneurs network where you can meet young entrepreneurs, promote yourself/your business and share experiences.
I think it’d be great for you to get involved in the community.
Hope to connect with you soon. Shoot me an email
Matt