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Millennials don t save, buy a house like older generation: Here s why
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It is quite common for the older generation to presume that the younger generation is set on the wrong path. This story is thousands of years old. No elder has taken the different behaviour of the younger kindly.
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Many children that disapprove of a conservative attitude to money, might want to not be like their parents.
A reader wrote to me about a problem he saw around him: The younger generation is not bothered about saving money. At least not enough by his standards. He wrote in detail about his struggle to rise from his humble background, and how the modern children don’t value those things. We were a better generation, he argued. The current crop of youngsters is set for doom. I told him I would write a column in reply and here it is.
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Since the Industrial Revolution, no country has developed nor can develop outside industrialization. The major characteristic of industrialization is that it thrives only on the economy of scale based on the capacity for mass production and access to mass market. The U.S. is a perfect example of a country that has been able to achieve these.
If Nigeria does not industrialize, especially through agricultural mechanization, there’s no hope for her political and economic survival. But the problem is, the division of Nigeria into mini, dependent, parasitic, unviable states that represent economic close circuits but tied to the apron strings of Aso Rock, is a dis-incentive, even an antithesis of industrialization. Standing alone, none of these weak states has the financial capacity to establish the kind of industries that can guarantee global competitiveness.