ABSTRACT
It might seem, especially to those readers currently coping with the economic problems facing young adults, that, by comparison, the mature economic agent has it easy. With a steady income, a clear and structured future and well-honed economic and cognitive skills, what real problems do such people face? For a start, some people do not have steady incomes and may be contemplating a very uncertain future: the widespread downsizing and re-engineering of organisations in the 1980s and 1990s has meant redundancy for many-and unemployment at this stage of life can be catastrophic (Darity, Goldsmith and Veum, 1999). Many may still be bewildered participants in an economy that is changing rapidly. They may also be caught in the particular demographic situation of the 1990s to the 2030s, where, relative to previous decades, there will be a very high dependency ratio (the number of people aged over 65 or under 16 divided by those aged 16-64). Leaving these particular issues (which are relevant only to specific cohorts) on one side, it is clear that those in the ‘steady state’ have their own distinct problems to deal with. They must consolidate their position, plan for the future needs of themselves and their children, and deal with the everyday reality of work. Economic dreams (perhaps more easily indulged in by the young) have to be replaced by economic reality: the loss of flexibility, the need to be economically responsible (changing jobs is more difficult for both internal and external reasons) and the need to deal with one’s own limitations are all important. Maturity is a period of consolidation of economic behaviour for many, and individuals can start to take a longer perspective-so it seems entirely appropriate to begin with the issue of expectations.
