Why aren’t Boomers the only group not spending?

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This article link below, points out that Baby Boomers are not the only group of the population not spending like they did before the Great Recession. Many point to their retirement 401k funds reduced by half. While this is very likely, the recession has most likely become a wake up to everyone, at least for a while, of looking at spending very differently. The Great Depression caused a lifetime of the very young of that era to be very wary of spending and certainly, not to use credit unless one was forced to for some emergency. The Greatest Generation of the 1930’s and 40’s would do without something until they saved enough to pay for it. The Great Depression, a time of no unemployment insurance or welfare made those who lived through it follow the pay as you go method. It was only the post World War II generation of Baby Boomers who started wanting to enjoy things before they grew to old to enjoy them, so they lived a life of buy now, pay later.

The recent financial crisis, although not as devastating as the Great Depression, served to wake the Boomers and most all ages of our country to think of any ways they could think of to save on monthly spending. There is a good portion of the younger generations who were not so affected by the economic crash, so they will not be slowing down much. Some learned a valuable lesson of saving and some have not yet. It takes a crisis to hit one square in the face, where you wonder if you can keep your house to make one serious and wise.

Check this article out for some great detail.

Spending Collapses In All Generation Groups