Young Canadians still balk at recession, survey finds
By Jason Buckland, Sympatico / MSN Finance
In the world of media, it’s usually the same old song as far as recession coverage is concerned.
Find the sap story about the single mother who can’t send her son to camp this year. Track down the retired couple whose wiped-out pension has forced them to sell the family home of 60 years. Tug on the heartstrings. Play the violin. Lather, rinse, repeat.
And while all the examples you hear are real – the downturn has caused a whirlwind of misery for many – we don’t hear much about how the tanking economy affects a demographic who, generally, have nothing but disposable income.
The trials of the 18-34 age group, whether it be full of university grads, young professionals or newly-established tradespeople, aren’t heard from much in the recessionary reporting.
Maybe this is why. A national survey revealed in the Financial Post now shows most young Canadians simply don’t care much for this whole near-depression thing.
About 75% of them, in fact, admitted to having spent either the same amount or more this year on superfluous buys like video games, DVDs and beauty products.
Don’t think this behaviour is an aberration, either. More than 80% said they would spend “either the same or more” on discretionary spending in the coming six months, says the Post.
The 18-34 group also holds a pretty optimistic grasp on recovery, too. Not only do 79% of them find reporting of the economic crisis “excessive,” but three-quarters believe everything will bounce back and rebound over the next year.
You have to admit, these numbers paint an interesting picture on the apprehension caused by uncertain global finance. While many fret and nail-bite over job security and the risk of losing health benefits, young people just continue to shrug off the entire downturn, spending still apparently free of conscience.
In fact, I don’t know anyone under, say, 22 who cares one iota about the recession, save for the few who have a bit tougher time finding a summer job.
Chalk it up to immaturity, a shortage of responsibility or whatever you want, but – what’s more – the signs don’t point to this trend changing anytime soon.
Of the surveyed Canadians, 87% said they’d be secure in their financial status over the next year.
And sure, the lack of dependents probably doesn’t hurt (and many don’t yet have mortgages and childcare costs to worry about), but here’s another sign that it may pay to be young, where a carefree attitude during a global crisis has you acting like this guy instead of this one.
Posted by: Thomas | Jul 11, 2021 10:33:49 AM
Interesting topic. I AM an employer. I have 25 people under my jurisdiction. 80% of them fall into the under 30 crowd. While I am not age prejudiced, Im well aware of the actions of this group. There are a few smarter ones but the majority have reached several pitfalls. The smarter ones share that their financial wisdom came from listening to more financially mature individuals. The less fortunate just didnt care. As for earlier comments blaming the older generation for the current mess. WRONG. You cant say financial recessions are cyclical in one sentence and then blame a generation the next. Thats just naive. They will happen again and again over anyones lifetime. Get your head out of the sand. The smart ones prepare, keep money for hard times handy, and dont overextend their financial ability. Buying a house with a 35 mortgage just so you can afford to get in one isnt necessarily a brilliant move.If two people are required to pay off your monthly obligations with no savings to back you up, then your risk factor is high.End of story. When hard times come, you will fall.THAT is age independant and you can count on it. It will take BOTH the youth of today and the older generations to pull out of a recession and get the economy back into shape. It will take time, and out of this time a new generation of intellect is born.Its called financial prudence. Im happy that someone here can buy into a 480000 house at a young age, but I have seen so many in my own group lose theirs despite my well intended advice to become more secure before leaping. Ive even been lectured to keep my OLD OUTDATED opinions to myself from many in this age category, only to have them tell me they should have listened. Honestly, I sincerely hurt for them, losing your home is not a happy moment in ones life. But dont let your youth fool you into invincibility.The market doesnt care how old you are, and no matter how old you get, the market will weed out those who paid attention, and those who refused to listen.
Posted by: Richard Gail | Jul 16, 2021 5:04:05 AM
Yes it was excellent. http://mail.yahoo.com/