UK Money News
5th August 2008
Youngsters urged to tap elders for financial advice
Young people should look to the older generation for advice on how to survive the credit crunch, it has been claimed.
Rosanna Spero, a psychologist and journalist, said that younger people are unused to the cycle of boom and bust to which their parents and grandparents have become accustomed over the years.
However, by approaching them for advice young people can gain valuable information over how to see out the downturn, she claims.
Ms Spero said: "So they've lived through the '80's, they've lived through the '70's, they've seen all this cycle time and time again, so they've had this experience.
"Actually, perhaps the younger generation would do well to go get a few tips from their parents and grandparents about how to survive it."
In a poll conducted by Lloyds TSB the over-50s, who have lived through recessions in the 1970s and 1980s, were found to be the age group who are least concerned over the impact of the credit crunch on their financial situation.
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