Generation Debt Summary

Words: 1073
Pages: 5
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Ruyin Zhang
Professor Sarah Kleeb
Exploring Key Questions in Humanities ACMA01H3
2nd Nov. 2015

Spend too much, save too little The lack of personal saving in young generation seems to become a common issue among young people in today society. The young generation Y consumers have to face to various unexpected challenges when they just step out their feet to the real life. They do not have a strong sense of ability to think further before they spend their money. When they suddenly have income for the first time in their entire life, many things seem to be possible for them because they have money to spend. However, it is not fair to point our fingers to those young adults. They need time to reflect themselves and learn from the mistakes. …show more content…
Unlike boomers or Generation X, Generation Y is growing up in a relatively more challenge economic environment. After finish their post-secondary education, those young adults got to fight with their student debts immediately while they are still going insane to find decent jobs. In the essay, “Generation Debt”, the author claims “One in four student-loan-carrying graduates has reported difficulty in repaying their loans, with about 30 per cent defaulting on payments (Spiridon 203)”. The real life problems, such as paying off their student debts, not only aware the potential outcomes of overspending to the young adults but also discipline their actions. In essay, “Generation Spend”, the author uses twenty-five- year-old Kezia’s example to show how the young adults spend their money and view their bill. However, I personally do not think Kezia can represent a group of people in Generation Y consumer. Kezia is described as a person who spends a huge amount of money on her hairdo every month and goes out for lunch four times a week. Young adults who were born in average class family would not have that capability to afford that much money of spending every week. After graduate, in order to survive in the real world, they must be learning how to manage their money. They might not be as mature as the Generation X consumer when they are spending money, but they are still making their efforts to do their
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