Attitudes to money have changed a lot over three generations in my family.
My parents were very much of the view that if you did not have the cash available, you did not buy a product or service. Credit was not something they wanted to get involved in and they even set an income level before they would get married and start a family.
I think credit was less readily available then. If they had struggled they would have gone to family I imagine but even that seems unlikely unless it was an absolute crisis.
They bought things locally and I guess local businesses acted on trust sometimes or made special deals.
I started borrowing money when I became a student because it was pushed on you then and I was very naïve. Free money! What young person would have turned that down in the Eighties before we saw how borrowing could come back and bite you on the derriere once a change of life circumstances like the loss of a job or a new baby happened. As a debt counsellor, I saw so many people struggling particularly if they became ill or disabled and were unable to work.
It did not stop me though and I would spend and borrow, borrow and spend. Looking back, I think this was part of my mental health issues but at the time it just seemed like fun until the demands for repayment arrived.
I think credit is now part of 21st century society and will be for some time yet. Whether you consider online personal loans by Northcash or talk to your credit union I think people will be borrowing rather than bartering for some time yet.
I thought it would be helpful to find out what my son’s attitude to money was. He simply said “I like it!”. Don’t we all? Tomorrow, I will have a longer conversation about budgeting as he works his way slowly into adult life.
How have attitudes to money changed over the years in your family?