Generation Y: Frugality with Personality

1325 WordsJun 15, 20186 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…show more content…
Gen Y is taking longer to buy houses, and distrust of banks could be to blame. “An Aite survey found that among 20-somethings, more than 1 in 5 reported a decreased trust level in banks over the past year,” (Palmer, Talking Gen Y). In addition to mistrusting banks the job market also slows the generation down because being hired in a recession means Generation Y is being paid less. Kimberly Palmer wrote an article in USA Today that previews the new book, Not Quite Adults, by Richard Stetterson and Barbara Ray. In an interview Ray states, "I think this is going to hang with them for a long time. The kids who start out their first job in a recession earn much lower wages than kids who start out in a more robust economy, so I think this generation will be scarred by the recession” (Palmer, Too Frugal). In Palmer's book, Generation Earn, several statistics clarify the new generation in relation to money. “Two out of three college students take out student loans compared to less than half in 1993, graduates picking their diploma owe an average of 22,000 of credit card debts for this generation and are averaged at $4,000 a person.” (Palmer, Gen Earn). This financial burden will not bring the generation down because the enrollment of graduate students is up 70% since the 1970s making Gen X and Y the most educated generations to date, and also the generations with the greater earning power (Palmer, Gen Earn). So as Generation Y is believed to be late to start their

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