When Disaster Strikes, Gen-Y Listens

Ryan, don't forget one of the biggest disasters in recent memory: Hurricane Katrina. I think because the majority of disasters that have affected our generation focus more on human tragedy than monetary losses, we view them in a different light. Also, because we are so widely connected (we have friends all across the country & world) we find that these disasters hit home with us. And our idealism (most likely attributed to our youth) leads us to work towards making changes for the better.

Danielle:

I didn't forget about Katrina, but your point puts emphasis on the fact that the list goes on and on. Disaster is no foreign concept to Gen-Y.

-Paugh

Great post, Ryan.

Could the difference be that while older generations view disaster as things pertain to themselves (e.g. their own retirement accounts), our experience growing up in a global environment has redefined "disaster," and limits it only to things that have a wider scope?

Overdrawing my checking account because I can barely survive on what I'm making is not a disaster. It's a challenge.

Hundreds, thousands, or even 10 people suffering because of a larger catastrophy or injustice … that's something to be upset about.

Jacqui:

Yes, I think our global perspective has a lot to with it, good point. I also think the narrow scope of disaster can be attributed to age and having way too much on your plate to think you could ever make a worldly difference.

One day the concerns of being a parent, having to provide for a family and making sure your check book doesn't look like hell will be more important to all of us. But until then, I'm glad we're young and determined to make a difference.

Why don't older generations embrace this quality more? Shouldn't there be some comfort in the fact that while they're worrying about the stock market and retirement, we're looking to make real societal change?

Hell, I hope young people are like that when I'm older, I'll have enough to worry about while I'm paying for their college tuition, rent, food, bail…whatever.

-Paugh

This is a great blog.

I am a member of Generation Y (born after 1977) and an academic researcher.

Currently, I am conducting a survey to measure the effects of September 11th six years after the attacks. Please take some time and complete it at the following link:

https://www.surveymonkey.com/s.aspx?sm=if5b1sywa0CczMltzSU9fA_3d_3d

Your participation will be greatly appreciated. Please feel free to pass the link along to friends/family/coworkers. If the moderator contacts me, I will be happy to share the results of the survey after publication in a few short months.

Ryan — "Bail… or whatever" Hahaha, that's great. You know, that's something I hadn't really considered. But they should be thankful we're here and support us and when we're in their positions we can support the younger generation ushering in changes.

Great post Ryan,

There's an interesting book out there by Dr. Rebecca Huntley from Australia called, "The World According to Y." Based on her extensive research, she concludes Gen Y has had so much disaster to deal with (as you've pointed out), that they've just come to accept there are no guarantees. Better still, the need to cope with these disasters at such a young age has, in a sense, numbed Gen Y so they don't react so strongly, but that doesn't mean Gen Y doesn't feel strongly about these things. Simply put, Gen Y recognizes change is the only constant, and they adapt accordingly.

I would agree with you and Dr. Huntley. I also feel badly that Gen Y has inherited the current state of affairs. Baby Boomers need to recognize what they are handing off, and more importantly, what hand they played in creating it.

Ryan,
My guess is a lot of the reason that you think things like Wall Street are petty is that you have probably never had to worry about money during your lifetime – Mommy and Daddy were always there. It's always easy to be pious and self-righteous on a fully stomach….

In my opinion, we collectively need to worry about things like Wall Street (so we can survive) and also things like terrorism and global warming (so we can survive longer). They are not mutually exclusive.

Jim:

I like your point about things not being mutually exclusive. That's absolutely true. Which is part of the reason I decided to write this piece in the first place. The author of the article mentioned above failed to define disaster in any terms other than the ups and downs of his personal investments. Sure these things are important, but to me, not as important as real human tragedy.

Here's a little insight: I live on my own, pay my expenses, invest in the stock market, and am about to go treat my self-righteous stomach to a nice sushi lunch on my own dime.

So your assumption is terribly wrong.

-Paugh

Garrison Keillor, like most humorists and commentators, gets paid for stating the obvious in a humorous and entertaining manner. And mostly, he succeeds. I admit, he got a few chuckles out of me when I read this article.

In this case, he is recycling the old standard of "these kids today…"

It doesn't matter if it's Gen-Y, Gen-X, The Greatest Generation, or Star Trek – The Next Generation; The elders always complain about the young. The young don't know the value of work. The young don't plan for the future. The young don't .

Of course they don't. They're young!

Since people started living consistently past their 40's, the young have more time to live life. Most haven't experienced death, the responsibility of working vs. starving, or being solely responsible for the welfare of a family or business. They don't know how often plans go awry. They are often naïve. They are full of hope and new ideas.

And why not? They're young! There is plenty of time for the grind of everyday living to crush the idealism out of these kids. Let them dream. Perhaps some of those dreams will stick.

Garrison Keillor better hope some of them do.

Because today's young dreams are going to be keeping the world from falling apart under his old butt in retirement.

I thought that Keillor was taking a jab at Gen Y AND the boomers. He seemed to me to be decrying the sense of doom that make the boomers so selfishly retirement centered and Y'ers so consumed with the trivial.

Was he not making the case that only recent immigrants (holding marginal jobs) are the only ones with hope for the future?

J.J.

I admit that I'm a big fan of Garrison Keillor, but it's true that sometimes his characteristic economy of language gets him into trouble. When Mr. Keillor speaks about "disaster" in this case, of course he's not referring to the big-ticket "September 11" or "Hurricaine Katrina" kind of disaster, but only to financial disaster, which will be most keenly felt by people nearing retirement age and/or who may have seen or lived through the U.S. Great Depression. Just like every twenty-something before them, GenY is taking its turn having no real sense of that kind of financial worry at this point in their lives.

But as Ryan points out, "Tormenting ourselves over retirement and lucrative money market accounts can wait. Today, there's bigger fish to fry." Unlike their parents, GenY is in a position right now to make up for lost time and money. If a job is lost at this point in their lives, at least they typically don't have children who rely on them financially and emotionally, and they have plenty of working years left to make up the difference.

That said, while I appreciate the nobility of Ryan's sentiment (and the altruistic sentiment of GenY in general), I do want to point out one thing, and yes, I know you've heard it before: if there is any way you can start planning for your financial future now, DO IT. Compound interest is not a myth, and the sooner you start saving, the better off you and the rest of the world will be. GenX may (may!) be able to count on some social security by the time they reach retirement age, but for GenY, the way things are going, it's anybody's guess. If you want to be altruistic and to truly make a difference, consider that the key to not being a burden on society and your grandchildren in the future is to start being fiscally responsible during the present.

If you want to be altruistic and to truly make a difference, consider that the key to not being a burden on society and your grandchildren in the future is to start being fiscally responsible during the present.

Sean, I'm curious if you're implying that those collecting social security are a "burden on society," because I can't understand how expecting to collect from a system you paid into should be a burden to anyone.

Also, I would be perfectly in favor of personally opting out of social security, but I recognize that if that were truely allowed, a true burden on society would emerge from those who mismanaged their money and reach 60+ with absolutely no way of providing for themselves, becoming a true burden on the rest of us.

Nathan, I'm glad you asked, because I absolutely did NOT intend to imply that people currently collecting social security are a burden. As you correctly point out, people pay all their lives into a system for the express purpose of being able to rely on that system, at least partly, at the end of their working careers.

However, it's no news that the social security system is in trouble, and if/when it fails, those people who aren't planning ahead now–when they're even as young as their 20s and compound interest will provide the largest benefit–run the risk of not having enough to retire when the time comes. At that time, assuming that their physical state of health no longer allows them to be productive and to earn enough money to support themselves, they may become a burden on society.

Not that it's their fault. They paid into the system also their entire working lives. But knowing it isn't your fault is a cold comfort.

[...] good about this is that we have the ability to respond quickly to issues that come up. The presidential campaign, for example, or the Virginia Tech [...]