Monday, October 22, 2007

Financial Worries- what will become of gen y?

The August debate about home loans and debt and all things financial was heated on Question Time. Victorian Premier Mr. Brumby claimed 'we build schools, we don't set them off and we build hospitals, we don't close them down'.

The debate fits comfortably alongside the worries of finance minister Nick Minchin, who has recently raised concerns that interest rates, which are at an all time low rate, are that way due to an interest crash in the US.

As if we didn't have enough to worry about already! It is, at present, really difficult for generation Y in terms of saving enough to afford to buy a house, own a car, and pay off all sorts of debts. The idea that it could become harder in the future is terrifying! Who is going to be able to afford to buy a house? Will we be renting in our eighties? The idea is scary.

Generation Y don't think about owning a house, they think about travel, clothes, technology and going out. Generation Y work to feed these wants, the concerns about saving for super, houses etc. aren't a priority at all. That's just how it is, the world is becoming a consumers paradise and nightmare all in one hit.

The annoying thing is, there isn't a great deal of education on this. Perhaps this is because I am part of the beginning of Gen Y, perhaps in the future education on saving and home loans will be more thorough.

Because we all need to be prepared, we all need to save, but few of us care.

And taxes will go up!

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