Economic differences between older and younger generation

[peter0425]

Anyone noticed some differences between economic factors during the old times compared to now and how people react to these conditions?

Obviously inflation has made the prices these days a lot more expensive. Maybe this is why the older generation easily got to buy houses and properties. They also had very low to no student debts as well. One thing I noticed is that the older generation are more likely to stay in a work for a lifetime.

But the younger generation tend to go job hopping, switching from one job to the next until they find something perfect for them. The younger generation seems to prioritize a work life balance that is why a lot of them only work from home or work only as freelance.

Are there any characteristics from the older generation you would want the younger ones to learn so they can progress economically?

[Darker45]

Many. For one, it seems to me, the younger generation is prone to live beyond their means. That's probably one of the biggest reasons why many young nowadays can't progress economically. Can't even save. They'd rather borrow money to watch a concert than save.  

But I'm not blaming them. In the modern times, there's just so many things to buy, to spend your money on. It isn't like this in the years of old. There wasn't even a movie to watch, no phone to buy. There was even no internet, water, electric bills to pay.

My grandparents and their siblings all built their houses when they got married. Today, their grandchildren's families are growing bigger in rented apartments.

[Hewlet]

times have changed and that has also affected the way people react to the different economic setting they find themselves in. in the past, there were little to no freelance jobs available and hence, what was possible is just working for companies and institution that are around ones surrounding. that is not the case with the current time where opportunities are even more on the freelance space than what is available in the physical space.

Technology has made the difference such that instead of always going out in search of jobs, you can sit back at the comfort of your home and render services that in the past would have demanded that you go out for such purpose. with the way inflation has risen, it would have been practically impossible to cope with a single physical job like it was the case in the past. a combination of a physical job and a freelance job has become the solution to the economic problem of inflation and that is the only reason why we seems to be doing okay at the present regardless of how worse the global economy has degenerated to.

[Solosanz]

But the younger generation tend to go job hopping, switching from one job to the next until they find something perfect for them. The younger generation seems to prioritize a work life balance that is why a lot of them only work from home or work only as freelance.

Nope, both old and young generations are same, there are some people who prioritize work life balance, while the other people prioritize money over everything.

Are there any characteristics from the older generation you would want the younger ones to learn so they can progress economically?

Many, most of them about lifestyle:
1. Old generation cook for themselves and eat healthy foods, the young generation are extravagant, they like to buy unhealthy ready serve meal just because of the taste and the looks
2. Old generation drink black coffee which they made from their home, young generation buy a cup of coffee from cafe which the cost could reach 2x-5x from the cost.
3. Old generation who go to gym only need to wear simple clothes and drink water, young generation wear high end clothes and drink unnecessary expensive whey.

Old generation focus on what they want to achieve, young generation focus on social standard and just want to be "cool person".

[Felicity_Tide]

~snip

Are there any characteristics from the older generation you would want the younger ones to learn so they can progress economically?

imo, these two different generations don't necessarily have to follow similar patterns when it comes to hustling. Things has gotten a lot tougher over the past few years, so you would expect people, especially in this very generation, to restrategize, and try to work as efficient as possible. i don't think it's about sticking to a particular job for a very long time. The world is fast evolving, so people have got to make changes as well.

The only characteristics or attitude that they can keep, is probably trying to minimize cost, and going for things that are important. The inability to minimize cost is probably why most people today end up not saving. The older generation were very good at minimizing, by either saving or buying good assets. That's why we see a lot of older generation passing down something meaningful to these very generation.

[Zackz5000]

The young generation now are the ones progressing economically if you may asked me, during the formal days it was difficult for our forefathers to even build a better house it was only few of them that were able to build good house and the people who had this opportunity then was those that went through education the educated ones then that that went to school and also little of those were into farming and doing small business.
The young generation now are doing wonders there somany good buildings houses owned by this young generation. But when it comes to living longer on earth the old generation was living longer then this young generation.

[davis196]

Anyone noticed some differences between economic factors during the old times compared to now and how people react to these conditions?

Obviously inflation has made the prices these days a lot more expensive. Maybe this is why the older generation easily got to buy houses and properties. They also had very low to no student debts as well. One thing I noticed is that the older generation are more likely to stay in a work for a lifetime.

But the younger generation tend to go job hopping, switching from one job to the next until they find something perfect for them. The younger generation seems to prioritize a work life balance that is why a lot of them only work from home or work only as freelance.

Are there any characteristics from the older generation you would want the younger ones to learn so they can progress economically?

I've seen many articles and videos about why "the baby boomers made everything worse for Gen Z" and how "the baby boomers were the richest generation and everything went downhill for the next generations". Maybe some of these statements are true, I didn't live in the second half of the twentieth century, so I can't make a proper analysis.
One thing is for sure. The old generations will die and their properties and wealth will be inherited by the young generations. This transition of generational wealth is really important. Yes, inflation sucks, but maybe new technologies like AI will make things easier.
The demographic decline will make things worse, but having less people in a society would mean two things. 1.Increased labor costs. 2.More assets redistributed among a smaller population.

[Liliana1304]

Are there any characteristics from the older generation you would want the younger ones to learn so they can progress economically?

One big reason why the younger generation hop from on job to the other isn't because they are impatient, although some are but it's cause they want to get one that the pay can be good enough for them to be able to meet up the bills and all the rest. You mentioned that in the olden days, it was quite easy for them to purchase houses, pay for bills because the economy was bearable so since it's not the same now, you find them looking for jobs that can enable them work from home to at least cover for the area of transportation.
The only thing is that the younger generation should learn to be as hardworking as the older ones where because some of the youths we see now are so entitled and feel that everything should be handed them.

[tsaroz]

Anyone noticed some differences between economic factors during the old times compared to now and how people react to these conditions?

Obviously inflation has made the prices these days a lot more expensive. Maybe this is why the older generation easily got to buy houses and properties. They also had very low to no student debts as well. One thing I noticed is that the older generation are more likely to stay in a work for a lifetime.

But the younger generation tend to go job hopping, switching from one job to the next until they find something perfect for them. The younger generation seems to prioritize a work life balance that is why a lot of them only work from home or work only as freelance.

Are there any characteristics from the older generation you would want the younger ones to learn so they can progress economically?

The overall circumstances, our economic model and job market are ever changing. It has been more dynamic on last 25 years than it ever was. The difference between the priorities, preferences, job and business of new generation are going to be different than the old one.
Another factor to consider is today and next few years would be the toughest time to get a job. There are largest number of young people seeking job than there ever were and ever will be. As more of the todays youth gets integrated in job market, the future job market would be more difficult to predict.
There would be an ever lasting demographic and economic crunch coming in next decade and beyond.
Our lifestyle maybe much different than what we have now in next 20 years.

[Die_empty]

Are there any characteristics from the older generation you would want the younger ones to learn so they can progress economically?

The older generation is loyal to organisations, that is why they can work for a long period.  But the younger generation focuses on high pay and work flexibility. Due to advancements in technology, younger workers prefer to use digital tools for communication while the older generation finds it difficult.

The new generation prefers a democratic office leadership style where their view or opinion would be considered. The older generation existed in an era when hierarchy of authority was normal, so they are willing to take orders from top management without input.

This generation is opportuned to have diverse avenues to invest. This is different from the old days when real estate, stock, and gold were the main assets. But with the crypto industry and others, the present generation has more options.

[Ambatman]

One thing we need to understand is that times are different.
If you plan on making a dish and different ingredients are used
They won't taste the same.

The economy then, using after recovery of the Great Depression was better and not filled with debts and inflation encroaching on the economy.
I'm not saying current generation is perfect and doesn't need improvement
What I mean is it wouldn't mean much if the economy and political landscape remains the same.

[Smartvirus]

But the younger generation tend to go job hopping, switching from one job to the next until they find something perfect for them. The younger generation seems to prioritize a work life balance that is why a lot of them only work from home or work only as freelance.

Are there any characteristics from the older generation you would want the younger ones to learn so they can progress economically?

Like you’ve rightly noticed, times change and so does the models to life or doing a particular form of engagement. In the generations past although not quite, it was much easier to work a job, stay loyal to that job and still have some worth while achievements from it but now, it’s a lot more difficult as, everything is hyper and this generation now understands the need to do several jobs, multitask and that they can develop a tool that if proved useful, they could just sit it out and have it milk the general public for them.
Thats where life has taken this generation now and you can’t convince anyone otherwise. The older generation didn’t have much need for the illegalities that comes with making a fortune even though it’s said that, behind every wealthy home, their is always one big thief, people were more honest back in the day and we need a lot of those honesty now that we’ve got several tools to make truth no much different from lies/fakes.

[red4slash]

But the younger generation tend to go job hopping, switching from one job to the next until they find something perfect for them. The younger generation seems to prioritize a work life balance that is why a lot of them only work from home or work only as freelance.

Are there any characteristics from the older generation you would want the younger ones to learn so they can progress economically?

Thought patterns are indeed one of the things that cannot be avoided because for now most of those who are young are not too fixated on existing conservative thinking and sometimes prefer to look for something new where they want more than just income but also comfort in work which makes this situation very pronounced.

Although in some cases there are also those who still work with full pressure and always stick to the existing system, most of the young people now prefer to be a little more free but not forget the tasks that must be done in the work they are involved in.
So in the end, not a few of the young people who did take a simpler path were not too focused on the old system but they were much more successful even though not all of them were like that but indeed some of those who came out of the old system in fact proved themselves that conservative thinking and the system that had existed for a long time could be changed with perseverance and our own thoughts according to the fashion we wanted to work on.

It's actually a complex situation but in the end we can conclude that regardless of the old conservative-focused system or taking a more modern path with the development of time and technology is actually doable depending on where you want to live and focus on doing it well.

[Akbarkoe]

Are there any characteristics from the older generation you would want the younger ones to learn so they can progress economically?

Of course, the difference is quite far between the older generation and the current generation, but I don't care about it even though young people nowadays tend to move from job to job, I always emphasize to my children that they can focus on a field that has long-term opportunities, it is better to be an expert in one field than to have a lot of experience in many fields that makes them a generalist, I think if you have a specialist in certain skills it will be more expensive than just having ordinary abilities like most people, in this case you need to teach the supply and demand of long-term labor to have high value.

[viljy]

The difference in economic behavior is due to a lack of confidence in the prospects. Previously, people could save money and invest in the future. Moreover, to the detriment of their standard of living in the present, now the young do not see the point in this. The meaning disappeared due to uncertainty about the future. Therefore, one should live here and now. Whether this is right or wrong is far from an easy question. Now is the era of the end of capitalism, an era of complete uncertainty. It's like the era of the collapse of the Roman Empire. After that, absolutely the entire European elite changed. There was no one left from the ancient elite. Moreover, what can an ordinary person hope for, even if the most difficult times come for the elite in the coming decades? Therefore, intuitively feeling all this, the new generation lives for its pleasure here and now.

[Sticky Bomb]

Are there any characteristics from the older generation you would want the younger ones to learn so they can progress economically?

Time has changed, demand patterns have also evolved. I may not blame some younger ones for their excesses since they may not have enough time to portray the level of meticulousness that the older generation showed, unless for extremely detailed ones. Before now, work started by 8AM for a regular adult and ended by 4PM.

In recent times and with the emergence of expertise and greater productivity being the manure of success and the demand for extra efforts to earn more, most young ones like myself start work by 8AM and even until 9PM we are still working, leaving little or no time for you to even eat home cooked foods and enriching the restaurants, unless of course you are married and your wife does the honors. Not to mention that most jobs available to the young ones have little or no security unlike the time of the older generations, thereby leaving them with no option than to work more in other to retain their spot.

Times have changed, there a lot of opportunities which the younger ones would always love to take to advance more in their career and our parents never did so since they were contented with their government jobs and little pays, the younger ones desire more and go extra-miles, of course at the expense of loosing some core disciplines that would have depicted being more economically minded, but the fact remains that they do not have much of an option, a price must be paid to get to the top.

[uneng]

Younger generation was told by Disney, movies, governments and media in general to be entitled to live in an utopian world. Once that didn't happen for real, frustration took place. Younger generation wants everything on the present time, without doing any extra efforts at all. That is how they were raised by the older generations.

Probably the older ones didn't want the young generation to face the same difficulties and challenges they did previously, so they made sure to make life softer as possible for them. However, they couldn't do this in a macro economical level. Then the morals and values of these younglings shocked with the economical reality of the world.

As consequence, you see extremist ideologies gaining adepts among the youngs, while another considerable portion of them just prefer to get alienated from everything to live a material life on its fullest (without having the means to do so).

What I think to be the worst aspect of this, it's the fact we are already living times where services and products' quality is going down, as those younglings are easily manipulated or don't care about anything at all. I don't see satisfaction or happiness on the faces of the people on the streets anymore. It's a strange world when I compare it to how it used to be 15 years ago and before.

[Alpha Marine]

I see a lot of people condemning the way the new generation lives. You people talk like they just decided to live life this way. Things have changed, and they have to evolve with it.
We can't even talk about what inflation has done to the new generation enough. If you ask a lot of people I their 20s and 3s today, they earn more money than their parents did when they were at that age, but they can't do half the things their parents achieved with that money. This is because inflation has made things so bad.

Things are too expensive and there are too much bills to pay. Two young people can go on a date in a fancy resturant in the old days and not spend that much, these days going to the cinema with a date can take so much from you. We live in different worlds.
Theres is thisgeneral misconception that people of this generation are lazy, I don't agree with that. They just don't want to work hard jobs for small pay. Since the currency has lost so much value, people now want jobs that can pay more money to meet up with their bills.

[asriloni]

Are there any characteristics from the older generation you would want the younger ones to learn so they can progress economically?

Yes there are. I hope the young generations will be more careful in spare their money. Times flies so fast, and everything changed. The young generations seem be more consumptive than the old ones, which is still following the frugal living.

I meant these days young generations seems not care anymore about the long term plan. They worked to get money, but can easily spend their mone for the life style purpose only.

They must take care with the impact of inflation combined with the war that makes everything looks even more expensive, and less job produced in this era.

[doomloop]

Many. For one, it seems to me, the younger generation is prone to live beyond their means. That's probably one of the biggest reasons why many young nowadays can't progress economically. Can't even save. They'd rather borrow money to watch a concert than save.  

Actually, there are also lots of young people that are successful now. If only you spend more time in social media, you can see that many of them are business owners now and have improved their life with the help of the technology or the internet. There might still be young people that are like that you said but I'm sure their numbers have declined drastically.
 

But I'm not blaming them. In the modern times, there's just so many things to buy, to spend your money on. It isn't like this in the years of old. There wasn't even a movie to watch, no phone to buy. There was even no internet, water, electric bills to pay.

I think it is not about the thing but it is still about us if we have a control but back in time, there are already movies. In fact, theatre is popular before than now. There are also phones which are also more expensive than now. Although there might still be no internet that time but the water and electricity were already introduced older than it.