Millennials love to spend money they don't have

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  • atl134 Salt Lake City, UT
    May 29, 2012 2:14 p.m.

    Are their greedy, selfish Millenials who fit this? Absolutely. However, plenty of Millenials are in debt because frankly there isn't much of a choice if you aren't wealthy and are going to college. Even if you're responsible it'll be a while before you're debt free.

  • SoUtBoy25 Cedar City, UT
    May 27, 2012 9:43 p.m.

    I appreciate at least some of the boomer generation recognizing how extremely selfish many of them have been. They were wild, reckless, and carefree as youth, taken jobs purchased stimulated by "America's Credit Card", and now refuse to take any part in the budgetary restraints we are facing today. From the greatest generation to the most selfish generation. Who will be left with the bill...certainly not the selfish baby boomers, but the millenials.

  • Mark from Montana Aurora, CO
    May 27, 2012 8:15 a.m.

    Sorry, but at least the 'Millenials' that I know have no debt (except a mortgage) have money in the bank, and have either graduated or are well on their way to graduation. The people I see buying iPads and iPhones are in 45 - 60 range, my generation. Can they afford it, I don't ask.

    I am sure that there are many out there that spend money like they had a money tree out back, but as many have mentioned, it is the boomer generation of politicians that have spent money we don't have in order to stay in office. That example has had an impact on all of us.

    I would have liked to see some actual data to back up the assertions in the article, not just generalizations. Along with comparisons to other age groups.

  • EJM Herriman, UT
    May 26, 2012 11:36 a.m.

    This article is spot on. Today's generation does not know how to do without the latest toys. They have not learned, as a group, how to do without. They see needs and wants differently then previous generations. The latest technology is a need. Pretty sad.

  • Mountanman Hayden, ID
    May 26, 2012 7:24 a.m.

    Millennials have learned from the example of our government leaders, especially the Demoborrowers!

  • I M LDS 2 Provo, UT
    May 25, 2012 3:41 p.m.

    While we are on the subject of "poor"...

    ...this is just a poorly conceived, poorly researched, poorly written article making a very poorly supported argument.

  • Sweetgirl United States, VA
    May 25, 2012 3:36 p.m.

    As a student in college, I find this "article" extremely ignorant. Talk about stereotyping and making blanket statements.

  • PA Rock Man Allentown, PA
    May 25, 2012 3:18 p.m.

    The fact that we have more debt than savings means nothing. When you are 28 with a new mortgage and student loans and have only been working and saving a few years then of course you will have more debt. You also have your whole life ahead of you to save and pay down the debt. Debt, even for necessary things like school and housing accumulates quickly. Savings do do not.

  • Fitness Freak Salt Lake City, UT
    May 25, 2012 1:15 p.m.

    This pretty much confirms what I already knew.

    Most of us who are older, probably had the opportunity at one time or the other to try to teach them to HATE debt, but we didn't do that (or we were unsuccessful).

    Hopefully they/we can change our habits to purchase that which we actually need, rather than that which we want.

  • Ms Molli Bountiful, Utah
    May 25, 2012 1:11 p.m.

    Millenials include people born up to the year 2000? So you are including 12, 13, 14 year olds? Too funny ....

  • sally Kearns, UT
    May 25, 2012 1:07 p.m.

    The older generations have learned how to hide their assets and file bankruptcy. Have you ever had to help clean out a home of someone who is moving or has died? Everyone I know has way too much stuff whether they can afford it or not!

  • atl134 Salt Lake City, UT
    May 25, 2012 12:17 p.m.

    Considering how expensive college is, is it surprising that Millenials have a ton of debt? Goodness, I graduated a semester early and spent my first year at a branch campus local enough that I could commute to and still managed to rack up 35k in student loans over the intermediate 2.5 years because college is really expensive. My dad is paying for half of it, and it is only through not having a car, having health insurance when I had unexpected surgery (thanks Obama), and my flagrant disregard for tithing when I was LDS that I've paid down almost all of my half to where I barely have positive net assets.

  • UtahCentrist Salt Lake City, UT
    May 25, 2012 11:59 a.m.

    The same could be said for the Boomers who have been running our country for the last twenty years.

    I think a more accurate title should be "American's love to spend money they don't have." This is a problem that is hardly confined to "Millenials"

    By the way, this "Millenial" (me) has 20k in savings I earned myself and no debt.

  • OHBU Columbus, OH
    May 25, 2012 11:54 a.m.

    Using the example of Varuca Salt is a bit insulting, no? I would hope a journalist could take the time to step back from the data and ask at least one critical question, instead of simple railing against "those darn kids." Has it occurred to you that gen-Xers and millenials are the first generation that has had credit shoved in their faces? How many people actively seek out their first credit card? Trust me, they find you. Perhaps you could do a comparison between the spending habits of this generation, and the older generation. Do they really have more debt? If so, could it be a matter of timing?

    I'm not saying I know the answer, and perhaps the millenials do have more reckless spending habits. But doesn't it get a little old writing one article after another about how reckless the dang kids are? Would it be too much to ask that you put a little effort into it and try to probe the root causes?