Making Money Are you worse off than your parents?
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Apr 22, 2024 Financial journalist Iona Bain discusses the financial challenges faced by younger generations compared to their parents. Topics include shifting mindsets in personal finance, navigating inheritance and wealth transfer, digital influencers, ethical dilemmas, and redefining financial success for the younger generation.
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Generational Financial Challenges
- Younger generations face unique financial challenges like wage stagnation and much higher housing costs.
- Unlike past generations, having family wealth or help is often necessary to afford basic assets like a home.
Investing Is Practical Hope
- Not engaging with the financial system is self-sabotage for millennials.
- Waiting for systemic change only delays building personal wealth.
The Unreliability of Inheritance
- Relying on inheritance is risky as it's often delayed, uncertain, and frequently insufficient to solve financial issues.
- Younger people benefit more from learning to invest early than waiting for parental wealth transfer.