> For most young people, interest rates on savings accounts have been effectively 0% for most of their lives. That has changed within the last few years but may also be temporary.

Compounding applies to stock returns as well, which have been on a tear for the past decade. If anything not knowing what to do with your money besides parking it in a bank account is a sign of financial illiteracy, which is what OP was decrying.

> an older generation trying to tell the younger one about putting money in a savings account and letting it earn compound interest

i have not heard a single older person saying this. Every one of them says to invest in assets, not bank interest.

I heard it from parents, grandparents, high school teachers and college professors. And the comment I replied to specifically mentioned "compound interest"

I've heard the savings/bond/CD advice from older people who were working during the Volcker years.

Sure, I started an IRA account in 1985 with CDs paying 10+%

But, I bought my house in 1982 with a 15.5% mortgage, refinanced @ 11.25 after a couple years and again @ 8.5% until it was paid off in 2002

What happened to the value of your home in that time?

The point is that mortgage rates and savings rates move together, so your experience is determined by whether you are a saver or borrower.