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Thursday 30 November 2023

The Daily Money: How boomers schooled millennials on family finance

A Forbes Advisor survey and others point to this general rule: the younger you are, the more likely you grew up in a family that talked about money.

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The Daily Money

ALL THE MONEY NEWS YOU NEED TO KNOW

Thu Nov 30 2023

 

Daniel de Visé Personal Finance Reporter

Good morning! This is Daniel de Visé with your Daily Money.

Courtney Burrell, 37, grew up in a household that felt a bit like the CNBC newsroom. Her parents expounded cheerily about stock picks and savings, scanning the business pages as the ticker scrolled past on the television screen behind them.

Parents of the Ward and June Cleaver era didn't talk much with their children about money. But that taboo has gradually faded, and subsequent generations have raised families in households brimming with financial lessons. Nearly three-quarters of millennials, born between 1981 and 1996,  grew up in families that talked about money, according to a recent survey and report from Forbes Advisor. By contrast, only 41% of boomers recalled talking to their parents about finances.

The Forbes Advisor survey and others point to this general rule: the younger you are, the more likely you grew up in a family that taught financial lessons. The Forbes poll, conducted with 2,000 adults in September, found that boomers were the least likely to hail from families that discussed finance (41%), followed by Generation Z (55%), Generation X (57%) and millennials (73%).

Chevy Holiday Ad

Chevrolet holiday ad resonates deeply with many Americans.

General Motors, Chevrolet

New Chevy commercial resonates with Americans

An emotional holiday commercial from Chevrolet is hitting home with many Americans and could well become one of those ads we'll never forget.

The automaker's five-minute-plus ad, called "A Holiday to Remember," opens with a family gathering. A man and his daughter are talking about the declining well-being of his wife, who has early-stage Alzheimer's.

"There's some days she doesn't even recognize me," he says.

A young woman, presumably the older couple's granddaughter, overhears the conversation and makes a decision.

"Let's make today a good day," she tells her grandmother, who sits with a vacant look, before carefully leading her to a blue 1972 Chevrolet Suburban in the garage.

As John Denver's "Sunshine On My Shoulders" plays, the young woman drives her grandmother through town, reminding her of pivotal places in her life: her childhood home, her high school, and a drive-in theater that triggers a memory.

It was there the grandmother's husband first kissed his wife-to-be, the granddaughter says. The grandmother corrects her: "No, I kissed him. He was far too shy." She then tells her teary-eyed granddaughter: "Bill! I need to see Bill."

The pair return to the family home, where the longtime couple hold each other and kiss with tears streaming down their faces. He has her, for a moment.

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Lastly, we bring you urgent fast-food news: A McDonald's collaboration with Cactus Plant Flea Market last year has spurred another celebrity pairing in 2023, this time with DJ Kerwin Frost.

The Kerwin Frost Box will be available at McDonald's restaurants nationwide starting Dec. 11, the company announced Wednesday.

Frost, a talk show host, DJ and comedian who grew up in New York City, is teaming up with the fast-food chain to bring back McNugget Buddies, a series of McDonald's-branded collectibles popularized in the '80's and 90's.

The new McNugget Buddies, which return for the first time in a generation, feature a new look that pays homage to Frost's Harlem roots.

According to McDonald's, each box will come with one of the new McNugget Buddy collectibles, including Frost, Don Bernice, Uptown Moe, Waffutu, BRRRRick and Darla. Each character is inspired by Frost's childhood.

About The Daily Money

Each weekday, The Daily Money delivers the best consumer news from USA TODAY. We break down financial news and provide the TLDR version: how decisions by the Federal Reserve, government and companies impact you.

Chevrolet holiday ad resonates deeply with many Americans.

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Most millennials grew up in families that talked about money. Most boomers did not. The older generation taught the younger one to do checkbook math.

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A spokesperson for Rite Aid confirmed that the store located at 1130 Cumberland Street will be closing on Nov. 26
 

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Rite Aid announced more than 150 other store closures last month when it filed for Chapter 11 bankruptcy protection.

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Google starts deleting inactive accounts this week. Here's what to do.

Google in December will begin deleting accounts that have been inactive for two years. That includes email and associated products. Here's what to do.

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