A major part of the problem is that we have a financial culture that is sending mixed messages to kids. The culture seems to scream – Buy now, pay later, and save never.
It’s becoming an annual occurrence in America to talk about raising the debt ceiling and shutting down the government because of a crushing national debt. The country is drunk on credit! 16.7 trillion dollars in debt and continuing to rise each day. The CBO projected in February that the government would spend $223 billion just on net interest payments this year. Sure! We’ll have a few more drinks… keep ’em coming!
With that toxic credit environment as a backdrop let’s talk about the other part of the problem – a vanishing work ethic among young people.
Parents aren’t perfect either. Many parents are living beyond their means and racking up sky high debt- sending the wrong message to their kids as well. They are saying “do as I say, not as I do.” Credit card debt in the U.S. is weighing down on parents, with the average balance at an astounding $7,200.
By forking over money willy-nilly, not expecting contribution around the house and allowing the electronic babysitter to take over far too often, well-meaning parents are in essence setting a trap for their kids that sucks the work ethic right out of them.
If parents continue being “ok” with these dangerous trends they shouldn’t be surprised when little Johnny is living in the basement at 32, eating their food and expecting his laundry to be done for him.
I believe that the majority of parents want what’s best for their kids, deep down in their hearts. They really do. They just don’t have the right tools to help them.
MyJobChart.com is one of the tools that parents are now using to help combat these trends that are robbing their children of work ethic and making it really hard to obtain the money skills they need to navigate through life’s important decisions. In just 2 1/2 years over 500,000 members have signed up for this free service.
The country seems drunk on credit and work ethic among kids is vanishing at an every increasing pace. But there is a silver lining. Some parents still care enough to seek out the right tools to help them in this important battle.
This post was provided by Gregg Murset, Founder and CEO of My Job Chart, who was a guest on College Smart Radio “Tackling the Runaway Costs of College” on October 12th, 2013. Listen to this broadcast on YouTube here.
Photo Credit: Tax Credits