While parents can teach their kids valuable lessons about saving, not all the money rules that pertained to Gen Xers and boomers translate to today's economy.

For example, Clayman said, generations growing up in the postwar era were more likely to have pension plans, while retirement is largely self-funded now. Plus, factors like inflation and a higher cost of living can make it harder for younger people to stick to strict saving schedules.

Things that used to be provided for you for free now require you to save money yourself, but also advice about saving money is old-fashioned and you shouldn't listen.

No save! Only consume!