Facing the economic generation gap

Reverend Monsignor Emile J. Fossier
June 25, 2007
U.S. weekly oil and gas rig count down by 2
June 27, 2007
Reverend Monsignor Emile J. Fossier
June 25, 2007
U.S. weekly oil and gas rig count down by 2
June 27, 2007

Dear Editor,


Communication issues have arisen between parents and children in our present age due to economic generation gaps. Parents were brought up in a more conservative economic environment. Banks required one third down on a fixed mortgaged loan. Some lending institutions were more liberal with lower down payments and higher closing cost.

Parents were more conservative in spending and borrowing practices.


The younger generation today wants everything now that their parents took years to accumulate. New brick houses, new cars, and all the new electronic appliances and devices available.


Lending institutions are more than happy to lend money with little to no down payment requirements. Many of the younger generation are seduced into overextending themselves into debt.

Living in debt has become a normal way of life.


The effects of poor financial decisions are far reaching. Many parents are bailing out there children from financial failure. Parents will need their money for retirement. The fear alone of children failing financially is wearing on the older generation. Children live check to check with little savings for unexpected expenses.


This economic generation gap has created communication issues between parents and children.

Many parents are so frustrated with their children’s spending habits that they would rather not deal with the purchases. They do not share their children’s joy with these material purchases.


Just the opposite effect occurs. The parents feel anxiety instead of joy. Parents and children drift apart. Children sense their parent’s anxiety so they do not share their lives as in the past.

This economic generation gap is destroying family life in many instances.

How do we close the gap? Keep communication lines open.

Parents should not become so frustrated as to ignore or give up on their children’s financial situations. Parents still have economic wisdom to pass on to their children.

Parents should make children aware of the high number of foreclosures. Banks are presently tightening lending practices. Proof can be found in everyday news.

Encourage children to save and budget no matter what their financial situation. Take advantage of tax relief savings such as 401Ks and IRAs. Saving far a rainy day has always been good advice.

Share in your children’s joy even if you do not approve of their purchases. Love is stronger than money.

Children love and respect your parents. Listen to their wise advice. Plan family gatherings avoiding financial topics that cause parent’s anxiety. Live your own life while remembering your parent’s wise advice. Parents will always love their children.

Francis X Arcement Jr.

Raceland