Question

Although this talk is mostly about the personal finance crisis impacting older generations and Baby Boomers, what about the personal finance crisis impacting younger people like yourself? Why do you think so many people are in financial crisis, not just older generations?

Answer 1

So many people are in a financial crisis because of their inability to plan and budget, inability to use credit card efficiently, and having low savings from student loan payments. Baby boomers and the older generations have financial crisis because there was not a plan and/or budget to their financial lives and how they'd turn out. Younger generations, is the majority of the unemployment rate that affects financial status.

Answer 2

=> Inability to plan and budget affected older generations.

=> inability to use credit card efficiently.

=> Low savings caused from payment of student loans.

Step-by-step explanation:

Baby boomers are the set of generation that were giving birth to between the years of 1946 - 1964 after the world war II. The baby boomers and the older generations will only have financial crisis because they did not plan and budget how their financial lives are going to be. To be sincere, the baby boomers have good retirement plans during their time. So, the inability to plan and budget causes the financial crisis for older generations.

For younger generations, the unemployment rate affect their financial status. For instance, in the year 2008 students with students loan have to drop out of school to pay off the loan. With this, there will be low savings for younger generations.