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I’m Gen Z. Here’s what my baby boomer parents taught me about money.

As a member of Gen Z in my early 20s, I’m starting my career and thinking about my future, and money is a big part of that. Many factors have influenced the way I view and manage money, such as my education, socio-economic status, and money status. raised by baby boomers who are first and second generation immigrants. I also realized that being raised by older parents gave me a different perspective than many of my peers.

There is so much personal finance advice there, but as I settle into adult life, I rely more and more on the fundamentals my parents taught me. Although the economy has changed since they were young, the lessons of hard work and the importance of saving from my baby boomer parents are still relevant to me today, living as a young adult independent.

They encouraged me to work hard

One of the most important values ​​my parents encouraged – and still practice today – is to work hard. I started babysitting as my first job as soon as I could, then worked part-time in high school, and finally found a full-time job during my summer break.

Aside from birthday and holiday gifts, the money I saved or spent was money I worked for. When I went to college, my parents saved for my tuition (which lasted me a while, thanks to being an only child) and I also applied for scholarships at my school.

When I started living on my own at 18, my parents helped me if I was in trouble, but most of the money for pay rent and bills This is what I saved. Nothing was ever given to me. This encouragement to learn to manage what I earn and work hard is a value that extends not only to the number in my bank account, but also to my work ethic and my career.

They taught me to save what I earned

It is indisputable that to save money is smart, and it’s true that you can find this particular financial advice anywhere. But it’s another one of the key money lessons my baby boomer parents taught me. It can’t be overstated how easy it is to get through these days every time you walk through your door, and it’s a fundamental practice, no matter how obvious it may be.

For as long as I can remember, when I received money as a child, my parents encouraged me to save it. I even saved enough money and bought our family dog ​​with my own money when I was eight. This practice of saving and thinking before spending shaped my perception of money as something valuable, finite, and worth saving.

I learned by observing their relationship with money

Observe my parents relationship with money and their spending thinking throughout my childhood also shaped my spending habits. For example, eating out was rare growing up, an extra expense saved for special occasions or trips – including fast food (although it may not have been all about money). It wasn’t until I moved that I realized how normal eating out or picking up food was. But often, for my parents, it came down to the good old excuse: “We have that at home.”

I also began formally managing my personal finances at a young age. I opened my first current account when I was 13. I vividly remember going to the branch with my mother and receiving my first debit card. Going through this banking process at a young age gave me the independence to monitor how I managed my money and learn how to navigate the basics of financial literacy as a teenager.

Being economical often gets a bad rap, but I think it’s one of the most valuable financial habits my baby boomer parents instilled in me, especially given today’s cost of living. Now that I’m older and have more expenses, my experience and relationship with money influenced by my baby boomer parents has hopefully set me up for success.

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