I was readding CNN’s Gallery of America: Better Off and Worse Off. I’m always curious to read what people’s personal stories are.   The problem with any such gallery like this is that it’s neither statistically signifigant nor random.   There are two few people profiled, and it’s usually a self selected crowd that is actually profiled.  Still, I found it interesting reading comparing those who thought themselves better off rather than worse off.

If I can generalize, and I do, there is one theme that stands clearly out.  Those who feel like they are “better off” are almost in the bloom of youth.  I think many of the reasons that make younger individuals more optimistic are more obvious than others.

  • Young people feel generally more invincible.
  • Career options are unlimited.  Making career switches when you’re young is much easier.   Even though I’m only in my thirties, I would be hard pressed to switch careers.  Not only would I without a doubt have to take a pay cut, but also convince potential employers that I’m not too experienced to take a job.
  • Young people have less fixed obligation.  They may not have children, or older parents who need care.  If anything they might have parents that can often provide support in times of need.

I believe another great cause for the greater optimism amongst the younger set is a generational one, but not one of age.  The twentieth century was a century of change.   Few people at the turn of the last century worried much about saving for retirement.   Most people worked until they died and had the support of younger family members.   Baby boomers who were raised in economic boom of the 50s and the 60s grew up expecting greater job stability.

I believe younger individuals have fewer expectations of such stability.  That said, the statement I respected the most came from a family man of near 50 who works in the most beleaguered of industries, the mortgage industry.    What I respect is that he’s dealt with adversity during the last recession, and has made changes.  He hasn’t given up hope, and understands that while everything is not roses.  He believes he has control over his life.   While there are many things to complain about, and things about our economic system that need tobe rectified, most individuals are still very much in control of their own destinies.