People Raised In The 60s & 70s Were Taught 10 Things About Living Frugal That Made Them More Successful Than Younger Generations
Alexey Vecherin / Shutterstock There's something starkly different about how people who were raised in the 60s and 70s were taught to manage their finances compared to how younger generations tend to think about money now. These baby boomers and Gen Xers learned several ways to live more frugally, which set them up to be more successful than people in younger generations.
According to recent data, only 38% of Gen Z adults are considered financially literate, compared to 55% of boomers and 51% of Gen X. Given how young they are, Gen Z can still catch up in time to better their financial situation, but only if they are willing to learn some lessons from the same people they tend to think of as obsolete and outdated.
People raised in the 60s & 70s were taught 10 things about living frugal that made them more successful than younger generations
1. Fix things before you replace them
Prostock-studio | Shutterstock
People raised in the 60s and 70s were taught the importance of not only having patience, but also of being willing to take the time and effort to fix something before replacing it. The second something breaks, they don't just toss it in the trash. They actually take the time to learn how to patch it back up if they can.
Being taught that valuable skill is why they were able to save so much money, while younger generations have gotten spoiled by how easily replaceable things can be if they let them.
2. Live below your means, not at your limit
Stock 4you | Shutterstock
One reason younger generations are struggling to keep up with their finances is that they're living way above their means, or even just at their limits. Many people will happily go into debt just to satisfy their own wants, and because of that, they are struggling to pay off those debts.
Older adults were raised with the belief that it's important to live below your means. It might not be glamorous at all, but it's how you secure financial independence rather than being stressed out about money.
3. Save first, spend later
Anatoliy Cherkas | Shutterstock
A survey from Bank of America found that while younger generations, such as Gen Z, know the importance of saving money, they struggle to do so. An estimated 43% admitted that they are not on track to actively save for retirement in the next five years, though they’d like to be.
The reality of saving has gotten quite complex, but sometimes the best thing to save is $5 to $10 every time you get paid. It might not be enough, but it's something, and that idea is law for those raised in the 60s and 70s. Instead of rushing to spend their money, they would put aside even a little bit at a time because that's how you're able to build a good cushion for yourself.
4. Learn basic life skills so you can do more for yourself
Inside Creative House | Shutterstock
People raised in the 60s and 70s did not have access to things like TaskRabbit or Angi's List. Instead, they had to learn the importance of basic life skills to help them survive. Things like home repairs, the ability to make something from scratch, sewing, and even just budgeting and managing their money were essential.
Life skills help people develop the knowledge they need to lead a healthy lifestyle. On top of that, they aren't just wasting their money on services for things they could very well handle themselves.
5. Don't feel the need to impress people with your spending
pics five | Shutterstock
There was less pressure back then to compare and show off when it came to material things. Considering younger generations have unlimited access to social media and the internet in general, it's so easy for them to get caught up in a lifestyle they can't afford.
More than that, it's easy to live in the comparison bubble and want to be part of all the trends. For people raised in the 60s and 70s, many were instilled with the belief that being unique is more important than following others.
6. Don't attach your identity to what you own
Inside Creative House | Shutterstock
During the 60s and 70s, many people did not define themselves by the brands they had or the things that they spent their money on. Instead, older generations were taught to be more appreciative of who they are and what they stand for rather than their actual image.
Being raised with that belief meant they weren't just spending their money for the sake of it, but actually spending it on things that mattered. Younger generations are often tying their self-worth to the material things they own. And that makes it hard for them not to keep spending their money, because they constantly want to validate their worth by how much they have.
7. Avoid debt unless absolutely necessary
sommart sombutwanitkul | Shutterstock
A poll from Talker Research and Newsweek found that Gen Z carries the most personal debt, which stands at $94,101. Not only do Gen Zers have the highest amount of debt, but they are also struggling to pay it off. For older adults raised in the 60s and 70s, avoiding debt was something that was heavily instilled in them.
This careful approach, which they were taught throughout their adolescent years, is why they are careful about borrowing money, whether from another person or a loan company. If they can't afford something, then it's not meant for them to have it, at least not in that moment.
8. Not every hobby has to be expensive
pedro7merino | Shutterstock
During that time, having a hobby didn't automatically mean that it needed to become a full-fledged investment project. Instead, older generations could do something and enjoy it without feeling they needed to put all their money into it.
But younger generations will pick up a hobby and quickly think that they need to buy all of the supplies and invest in professional classes when, in reality, it's fine for something to be just a hobby. There's nothing better than having something you love doing for the sake of doing it. That's the whole point of a hobby in the first place.
9. Money doesn't grow on trees
PeopleImages | Shutterstock
One thing that many adults who were raised in the 60s and 70s were taught about money was that it doesn't just appear at the drop of a hat. They learned that money needs to be earned, and that the only way to earn it is to work hard. But more than that, it was also a lesson in never spending more than you could handle because sometimes money didn't just come right back to you.
Much of this was instilled through doing chores for money, learning to save allowance money given at the beginning of the week, and making it last until the very end of the week. That meant older generations were truly learning the value of money from a young age.
10. Constant splurging shouldn't be the norm
pics five | Shutterstock
Older generations were raised with the belief that their money didn't need to be splurged on things they didn't need at all. It didn't mean they weren't buying things they wanted versus things they needed, but they were just being smart about it. If it didn't fit in their budget, then they weren't buying it at all. For the most part, people think they are more financially responsible than they actually are.
But younger generations are usually prone to buying things without thinking them through first, especially with the convenience of online shopping. Not just spending money to spend money is why older generations are in a much better financial position than younger generations.
Nia Tipton is a staff writer with a bachelor's degree in creative writing and journalism who covers news and lifestyle topics that focus on psychology, relationships, and the human experience.
