In the US, the generation that saw the WW or the sons of those who saw the war are often called the Gen X or the baby boomers. As a natural consequence, their sons are hence called Gen Y – this is the generation which was born around the late 70s and early 80s.SavvySaver has an excellent post pointing to a yahoo biz article on how the attitude of Gen Y towards financial planning and work is totally different from how the Gen X used to look at it. Very nice.
Interesting point qouted by savvysaver from the article:
After witnessing the financial insecurity that beset earlier generations stung by layoffs and the dot-com bust, today’s newest entrants into the workforce are generally savvy when it comes to money and savings. They care about such benefits as 401(k) retirement plans.Thirty-seven percent of Gen Yers expect to start saving for retirement before they reach 25, with 46% of those already working indicating so, according to a September survey by Purchase, N.Y.-based Diversified Investment Advisors. And 49% say retirement benefits are a very important factor in their job choices. Among those eligible, 70% of the Gen Y respondents contribute to their 401(k) plan.
Unlike boomers who tend to put a high priority on career, today’s youngest workers are more interested in making their jobs accommodate their family and personal lives. They want jobs with flexibility, telecommuting options and the ability to go part time or leave the workforce temporarily when children are in the picture.
The 401(k) plan in the US are retirement plans – kind of like the PPF.