We see this time and time again. YPs living above their means. Savings rates that are negative. Too much credit card debt. And dissatisfaction with their pay in the workplace. This blog post gives a good diagram to better understand the situation.

 Who teaches young people about personal finance?

I read an intersting article in this month’s Fast Companyon Aaron Patzer’s company Mint.com - a site to help young adult manage their money. In this article, it said that on average Americans under 35 spend 16% more than they earn. Wow!

Mass materialism, image building, consumerism, keeping up with the Joneses, brand affinity, access to credit all contribute to this issue. From this statistic, it is becoming a problem. Why can’t we live within our means? Why can’t we differentiate between needs and wants? Why?

Perhaps we must create a local program in the region to better educate young adults on these personal finance issues or at lease drive them to Mint.com. Any thoughts are recommended?