Young people can learn about savings from older generation

The younger generation can learn a lot from their parents and grandparents about how to save money and adopt a thrifty attitude.

According to Yvonne Goodwin, managing director of Yvonne Goodwin Wealth Management, older people do not struggle as much as young people when they are faced with a reduced or tight budget.

"In my experience it isn't the older people struggling – we can learn a lot from older people about being thrifty and getting by on a small amount of pension or income," she said.

So if younger people hope to save more money or cope now that the economic climate has cut most people's real income, they should consider picking up tips from those who are already frugal.

Ms Goodwin added that some people could make savings, particularly in the run up to Christmas when there are presents to buy, by doing some of their shopping online, however, she warned that this could be a double-edged sword.

"It is so easy to put more than just what you need in that online shopping basket. However, if you are looking for a large ticket item, do look online first to see who has the best deal," she added.

This view was recently echoed by former TV presenter Philippa Forrester who claimed that older people are more conservative with their finances and therefore less likely to end up with money worries.

She explained that senior citizens live within their means, something that may not be the case for the younger generation in the 'credit culture' when it seems easier to buy now and pay later.

"For many old people - the people I have spoken to when I have talked about these issues in public - they have very much what's considered to be an old-fashioned approach to finances. You just don't get into debt, and you don't spend what you haven't got," Ms Forrester said.

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2011-11-22 13:41:02 © Moneyextra.com