A new study from the Pew Research Center finds young adults carry a lot less debt than their parents. As a result of recession, the debts of people under 35 fell by 30%. At the same time, the debts of the overall population only dropped by 8%.

Today's young people, not all of them, but many of them, have a completely different outlook than their parents did.

I think back to my own experience as a teen when my father was fired from a job he had for 29 years. We all thought he was a lifer and he did too. But it turns out my parents had not been savers. He lost that job and I had to go back to school as a night student and get a full-time job. It was very formative to who I am today.

So many people who are under 35 have seen their parents go through extreme financial distress and they want more security and less anxiety in their lives. That may mean a smaller house, no instant credit, and a less fancy car.

It seems like those under 35 have learned the lessons well. They're negative lessons, but if they learn them, then great. Regardless of your age, think before you buy lifestyle with borrowed money.

Because most of the time, that story has a bad chapter in it.