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Generation Y: Frugality With Personality Essay

1483 words - 6 pages

“Where did you get your shirt?” a classmate would inquire. “Oh, I have had this so long that I don't even remember where we bought it,” I would reply. Most children raised in single parent homes can remember buying their school clothes from a used clothing store, and most can remember lying when people asked them where they bought the item. Ashamed of the poverty of my family, I would lie when interrogated about the origin of my clothes. In recent times though, the mentality of buying clothes from thrift stores has changed and the connotation of thrift has been replaced with a sense of frugality. Today if a friend asked where I bought a certain item I would proudly proclaim, “The thrift store two dollars!” or “The clearance rack for five dollars!” The savings is more like a competition between friends, who is wearing the cutest items and has spent the least amount of money. Guest writer for CBS Money Watch, Alanna Peterkin, owner of Head Games Salon in Portland, Maine, expresses her frustration with hiring workers of Generation Y, in her experience Generation Y is over-privileged and does not enjoy working hard. Peterkin states that the previous generation is much more suitable to work hard, “When I get a 28-to-35-year-old applicant, I'm so psyched, because they tend to be far more dedicated to the job and willing to put in long hours.” Unlike Peterkin, I believe that Generation Y is not over privileged, but money conscious. The creation of this frugal generation can be attributed to many factors, one seeing our parents retire without efficient funds to support themselves, two being raised in an economic slump, and three for the love of the chase. The way Generation Y uses their money must first be accredited to their forefathers; but the phrase 'monkey see monkey do' is not always the case.
Most children learn the basics of life from the people they are closet to, their parents: babies talk in the same dialect as their parents, they grow up in the same culture their parents live in, and many learn the morals they will live by from their parents. Children watch their parents and they mimic it, they learn by observing. The way their parents' handle money; the lavish lifestyle of the previous generation has left many without the funds to retire with dignity. Observing their parents squander life savings with expensive houses and cars has created a generation with a different outlook on money. They have also watched piles of credit card debt figuratively bury their parents, debts that will not vanish until the debtor is literally buried. Generation Y has observed all these things, and instead of miming their parents, Generation Y has learned from the mistakes of the previous generation. “In an October Scottrade survey 37 percent of respondents felt that they are doing more research before investing, a larger proportion than the previous generation” (Palmer, Talking Gen Y). They have learned how to shop wisely and save money. Generation Y has...

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