It seems they now have a new label for the current generation of 20 something's. It is called Generation P as in "Generation Plastic". The reason for this new label is because of the use of debit cards by 20 something's. You may have noticed that the younger generation (such as me) have no problem using a debit card for everything. I have even seen people use their debit card at the store for a coke.

Now, I personally love my debit card and a lot of other people do as well. I think the primary concern is that the more we move away from cash, the less meaning "money" has. The fact that most 20 something's do not have a savings account is a testament to this. I think there are numerous places to put the blame. The top two in my opinion are Parents and Schools. Parents seem to leave most education up the school systems, which leads us to the next problem. Schools do not teach kids anything about money. There are no required accounting classes, much less basic finance classes. If kids were taught in high school about interest, credit, savings, IRA's and other financial products many would not be the situation they are in. What happens right now is a kid graduates, and a few weeks later they get a credit card in the mail. Yippee they say now I can buy whatever I want.

So, the cycle of debt begins that will probably haunt them for decades to come. As a society we need to realize that our kids need to be taught about finances. They need to understand how adults pay bills, borrow money, and save money. It is one of the most important lessons we can give our kids, and for some reason most parents do not.

I recently wrote a short book called Teens & Money. It is available at http://www.jamieratliff.com.