Are young people good at dealing with money?

[froggyboy604]

Not really sure since most of my friends are good at money management. But, I also know a lot of people who owe a lot of people and banks money.

I think it is a lot easier to save money these days with buying things online, opening a high interest savings and chequeing account, going to discount stores (dollars store, Target, Walmart, etc), and free advice on the internet.

However, there is also a lot of temptation to spend like people can spend all their money via online shopping, and the banks money by taking out loans and applying for credit cards.

I'm pretty good at saving money since I used my parents and relatives as examples on how to save. They came from China which is a third world country to Canada and the US with nothing. But, they worked hard doing labor intensive work "cleaning, and cooking jobs at factories and restaurants" and manage to save up enough for a houses, raising their kids, buy food, and new cars through hard work and knowing the value of money.

I made a few mistakes with cash in the past "Buying stuff that is poorly made, and breaks. Going on an Anime and video game shopping Spree." in my early 20s. But, I still have enough cash, so I don't have to take out a loan for something I actually need.

 

[Black Angel]

I think it all depends on how they grew up and were raised. If they have never had to work for anything in their lives, then of course, that person will grow up and will end up spending money frivolously.

 

[Demon_Skeith]

depends on the person's views and how he/she was raised. I never hear about anything about kids having bad money management in the news so I guess there is no wide spread problem.

 

[froggyboy604]

I mostly hear about young adults having poor money management problems since once they are out of college and have a job with a decent wage they can get very easy access to Credit Cards, loans, and car leases or monthly payments. Though, I read most banks are making it harder for young adults to get a credit card with a large credit limit unless they have a co-signer (Sugar Daddy/Mama) with a great credit score.

I think this is good in a way to prevent people from borrowing more they can payback, but this will just cause desperate young people to go ask a Loan shark to borrow cash to pay back the bank for their student loans payment.