Teaching children: budgeting

[Crankin]

I can relate, TxDoc. I think when you see the younger generation (Gen Y) saddled with all of that debt, it is very dependent on what circles you travel in professionally and where you live.
When I lived in AZ nobody, well hardly anybody, thought of going to a private college out of state. There were no private colleges around. Most people I knew lived at home, worked, went to a cc and then transferred to ASU or U of A. Most took more than 4 years to graduate. Here, you are considered somewhat sub-human if you go to a state school. It's all supply and demand. The private universities here have done a great job of brainwashing everyone, from upper middle class to those with little money for school that you have to go to a private college to be anything. Hence, a lot of kids are saddled with unbelievable debt from this. They think they are going to be "rulers of the world" because they went to such and such university.
When I didn't have a lot of money, I never thought of saving. I wasn't in horrible debt, but I just lived paycheck to paycheck. I think an awful lot of people are like that. On a certain level, I agree with you, because my family had tons of money, too, that was gone in an instant, because of changes in one particular industry and my dad's lack of a college degree. Sometimes we have no control. My dad grew up with servants and is now 86 and is living on Social Security. So, this is why DH and I have been aggressive in investing and saving in the past few years. Despite our late start, we are well on our way to being able to enjoy life when DH stops working. But, I do admit, I was not willing to give up certain luxuries when my kids were young. It all worked out, though.

[TxDoc]

I can relate, TxDoc. I think when you see the younger generation (Gen Y) saddled with all of that debt, it is very dependent on what circles you travel in professionally and where you live.

Yes, this is very true. My experience is limited to observing my students and residents - so what I see is the enormous debt of the student loans for medical school. We have grad students and nursing, OT, PT, RC also on our campus - but I only teach in medical school so I have really no idea what their situation is. The burden of debt on medical students is scary though.

[shootingstar]

True, cost of education is high.

"as if we did not build enough wealth to secure the future for them, to allow them to begin their adult lives and careers without debt. In a way, when I observe our generation compared to the one before us - sometimes I wonder if some of us have failed to meet a standard as productive citizens.
Our parents provided for the community and also provided for us, and among other things they allowed us to study and graduate and train completely debt free. Conversely, us - or at least some of us - we are failing to provide the same 'protected environment' for the younger generations."

My parents made enormous self-sacrifices which I'm not sure alot of parents would make these days. For instance: my parents only went on day vacation trips with family...less than 2-3 times annually. My mother spent very little money on premade clothing for herself. She must sewn 90% of her own wardrobe.

And so on.

Neither hardly ever used a credit card. So hardly any debt from there.

There are some children who are expecting big inheritances from their parent(s) and some are just cruising along. It is of course a big huge mistake to think one's parents will give you the windfall. I think the reason why myself and all siblings have saved money without going to huge debt is because we already know there's gonna to be very little money left for us after nursing home /hospice care bills are paid..when my parents will need that type of care down the road.