If you are born during 80’s to early 2000’s, you are a millennial or part of the so called GEN Y. Most people think that millennials are financially irresponsible because our generation are those people who love spending money on experiences like travelling and eating out (we are also known to be the selfie generation).
But according to Generations Ahead Study from Allianz, 77% of millennials feel financially confident (compared to only 64% of Gen Xers).
Further supporting this financial progress, 41% of millennials reported they always set aside money each month for saving (compared to only 36% of Gen Xers) and 58% believe saving for retirement is a basic necessity, like food or housing.
Many millennials also use “tricks” to make saving money easier. For example, the majority of them use several different accounts to automatically save their money for specific purposes (one for everyday expenses, one for a particular loan, one for a special trip, etc.)
Social media dangers
As their financial strength builds, however, social media has become the millennials’ financial Achilles’ heel. More than half reported experiencing a fear of missing out (FOMO) and 57% spent money they hadn’t planned to because of what they saw on their social media feeds. Nakitang may bagong bag si bes, or may sale na lipstick, go agad sa shopping! (ouch! di ba?)
The vast majority of millennial respondents also believe social media creates more of a tendency to compare one’s wealth/lifestyle with others (versus 71% of Gen Xers and 54% of boomers). Sixty-one percent feel inadequate about their own life and what they have because of social media. And perhaps due to this FOMO, half also claim they spend more money going out than they do on rent or mortgage.
Which is actually a sad truth, that’s why we, parents, should also educate our children not to base their identity and security on their online standing – number of likes, the lifestyle that we posts online, the compliments they can get from online communities. Instead also focus on what’s happening privately behind the camera or social media.
Learning from the past, seeking help for the future
Recent financial traumas witnessed by millennials have also had a profound effect. Nearly a quarter of millennials saw their parents suffer a major financial setback during the recession of 2008-2009 and possibly because of this, 57% said they are unlikely to ever invest in the stock market. Additionally, 65% are uncomfortable with too much debt because they saw their parents struggle with it.
The study also found that this generation is the most open to getting help. While the vast majority of millennials (70%) use online apps or tools to help them manage their money, human support is still very valuable to them. In fact, 40% of millennials said they have a financial professional and work closely with them (compared to only 25% of Gen Xers).
Mas maraming millenials din ngayon ang open sa workshops, mentoring and a like. di ba?
Indeed, our generation are seeking for solutions.
If you are a millenial, and you wanted to level-up your investment and start making savings and investment as a habit. Azpire Growth Prime is one of the good options on ways to grow your money more.
They are offering loyalty bonuses for growing your money at the end of 10 to 20 years. Pasok din sya sa budget, kasi as low as P30,000 annually ay pwede na to start the investment, payable pa in annual, semi annual, quarterly or monthly basis.
To know more about Azpire Growth Prime plus they also have an on-going search for aspiring millennial entrepreneurs.
For more details check out: https://www.facebook.com/allianzpnblifeofficial/