This week, The Grid — a free, weekly magazine in Toronto — ran a cover story about the debt habits of twenty and thirty somethings. Written by a former colleague of mine, Carely Fortune, the piece suggests that easy access to credit and financial illiteracy has lead my generation to spend all of our hard earned cash, as well as a great deal of borrowed money, on all of life’s inessentials — trips to Cuba, new iPads, expensive jeans. We’d rather have instant gratification — lattes and cupcakes — than long term financial stability, retirement at 60 (let along ever) and living debt free. In short, we’re screwed.
The story opens at Woodlot, with Carley’s mom looking around the artfully under-decorated Little Italy restaurant, wondering how such a young clientele can afford the near $30 entrees. I know the scene all too well.