Generational Differences
Last night, I caught an episode of King of the Hill that was about the parents going out of their way to keep their financial information from their child. They wouldn’t let Bobby know how much they made or what bills they paid.
I noticed this type of behavior from my parents. They never talked about money (their finances anyway, they taught me budgeting and stuff) with anyone. I wonder why that is? It seems the baby boomers don’t like to discuss how much they make or what they spend.
This is markedly different from us Generation Xers. See, I know how much all my friends make. They all know what I make and we discuss it pretty openly. I must confess that I don’t know much about Mrs. Uncle’s parents either.
I wonder why my generation doesn’t mind discussing it while older generations seem sworn to secrecy? Just an observation.
January 5th, 2004 at 12:13 pm
Not sure why the differences, but both are wrong. Our generation is likely too open with such information.
If I had to guess why the older generation wouldn’t discuss it, it would be twofold: first, at least back then (and to some extent even today), problems can be caused if your coworkers find out how much you make or vice versa. In some companies, discussing such things can even get you fired.
Second, it’s one of those things that doesn’t get brought up in polite conversation. At least in the baby boom generation, wide income disparities created envy, which put strain on friendships. Better, then, not to know just how wide the income gap is.
Remember, your parents were a LOT more likely to work for the same company for 20 or 30 or 50 years than you ever will be, and that probably factors in as well.
January 5th, 2004 at 12:26 pm
I wasn’t referring to work (since most companies forbid employees from discussing salaries) but your other points seem right.
January 5th, 2004 at 12:49 pm
Understand that in many cases, your friends ARE your coworkers. Back then, where did you make friends outside of work? You had your high school buddies, your immediate neighbors, and your coworkers, and that was it. By and large, baby boomers didn’t go to college, and they didn’t go out two or three nights a week (they were lucky if it was two or three nights per month), so friend often equals coworker.
And anyway, if you just get in the habit of not discussing it, it makes the topic easier to avoid. 🙂
January 5th, 2004 at 12:51 pm
And for what it’s worth, I generally don’t discuss what I make with family or friends, either, for a lot of the reasons I’ve already described. With most of them, the income disparity is pretty big (in my favor, thankfully), and discussing this in any specific terms would definitely create resentment.
January 5th, 2004 at 1:07 pm
I think it’s a good idea to discuss money with your kids, though they don’t necessarily need to know exactly how much you make or how much you have in savings. They need more broad-brush stuff (we’re paying our house off in X years, we have savings and retirements, etc.).
I tend it’s a good idea to be discreet with financial information among friends and family. As someone once said, everyone who makes a nickel less than you do has no sympathy for you.
January 5th, 2004 at 1:24 pm
Mrs. Uncle’s parents
Um, would they be your great-uncle and aunt? No, wait…if your wife’s uncle’s parents are–hang on, I’m getting it–your parents are your wife’s uncles? Now I’m really confused…
January 5th, 2004 at 2:05 pm
I think age is more of a factor than ‘generation’.. your parents were in their 30s or 40s (or even later) when you were old enough to be cognizant of the topic of income.. as you get older, you’re less likely to be open with your personal matters.. at least until you hit your 70s and start telling anyone who will listen
chances are, you’ll be less likely to discuss incomes as you mature.. altho some people never do (mature, that is)