Generation Plastic

It seems they now have a new label for the current generation of
20 something's. It is called Generation P as in "Generation
Plastic". The reason for this new label is because of the use of
debit cards by 20 something's. You may have noticed that the
younger generation (such as me) have no problem using a debit
card for everything. I have even seen people use their debit
card at the store for a coke. Now, I personally love my debit
card and a lot of other people do as well. I think the primary
concern is that the more we move away from cash, the less
meaning "money" has. The fact that most 20 something's do not
have a savings account is a testament to this. I think there are
numerous places to put the blame. The top two in my opinion are
Parents and Schools. Parents seem to leave most education up the
school systems, which leads us to the next problem. Schools do
not teach kids anything about money. There are no required
accounting classes, much less basic finance classes. If kids
were taught in high school about interest, credit, savings,
IRA's and other financial products many would not be the
situation they are in. What happens right now is a kid
graduates, and a few weeks later they get a credit card in the
mail. Yippee they say now I can buy whatever I want. So, the
cycle of debt begins that will probably haunt them for decades
to come. As a society we need to realize that our kids need to
be taught about finances. They need to understand how adults pay
bills, borrow money, and save money. It is one of the most
important lessons we can give our kids, and for some reason most
parents do not. Now, I have thought about this problem many
times, and am currently working on something that will help with
teaching your kids financial discipline. I will let you know
when it is ready and available.

See more at http://www.jamieratliff.com