A thoughtful piece from 25-year-old Melody Serafino, recently published in Newsweek. Serafino writes that she is surrounded by few peers who work towards financial independence. Here's an excerpt:
The stakes are higher in a city, which is why many young people feel the need to compete with each other. But when parental handouts are not only offered but expected, what is Generation Y learning about living on its own?
It is disturbing when "adults" don't have their own credit cards linked to their own accounts for fear of overspending. A friend confessed to me that she didn't need to build credit. If the need for a loan ever arises, she told me, she can go to her parents or—as she secretly hopes—a husband who will take care of it.![]()
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The stakes are higher in a city, which is why many young people feel the need to compete with each other. But when parental handouts are not only offered but expected, what is Generation Y learning about living on its own?
It is disturbing when "adults" don't have their own credit cards linked to their own accounts for fear of overspending. A friend confessed to me that she didn't need to build credit. If the need for a loan ever arises, she told me, she can go to her parents or—as she secretly hopes—a husband who will take care of it.
