Millennials are usually faulted for being too soft (for those who are unable to handle even a little stress) or for being overconfident of themselves (wanting to be promoted to be a manager even before 30) and also being very materialistic (always wants the best and ahead of their peers). By the way, before everyone got carried away, it may not be their fault yeah. We focus only on the personal finance part.
Perhaps we look at their parents instead? The saying in English? Like Father, Like Son? Well, not exactly that but when parents continue to give their kids things which are well above what they could even afford by themselves, then of course it will be an issue when the kids grow up. Come on, their whole lives until their first salary on their own, they were having lattes in cafes and some special cheesecakes every afternoon for probably RM35 or more. It’s impossible to expect them to suddenly realise they are in trouble if they continue spending like that, right?
“I could not accept this job as it pays me just RM3,000 every month. If I accept it, my father will laugh at me because he gives me RM4,000 allowance every month.” An actual conversation from a fresh graduate candidate a couple of years back. Obviously she passed the interview and was being offered by the employer. When we think of her parent, an allowance of RM4,000 really tells a lot right. Yeah, she probably does not really need a job anyway. Lucky for her. Unfortunately, majority of all millennials do not have such luxury yeah.
There was this article not too long ago. “millennials spending beyond their means.” Inside the article, these were stated. Millennials or Gen Y – the generation born between 1981 to 1996 – spend well beyond their means due to “impulse-buying behaviour, easy access to personal loans and credit card financing, the want for instant gratification and seamless online purchasing”. 40% says they were spending more than they could afford. 70% says they were not satisfied with their current income. Here’s that full article for reference. (click to read)
I have calculated. I could afford to go to the cafe for a latte and a cheesecake everyday too, currently. At the moment, I think my cafe moments are limited to just once or at maximum twice per week. As for my kids, they eat at home and must accept the deliciously cooked food by my wife. Haha. My daughter who’s just 7 years old rejected my wife’s money offer to buy food from the school canteen just a couple of days ago.
She said, “RM2 for that bowl of noodle is too much, I could not finish. You just give me two slices of bread with strawberry jam please.” Hopefully, this would also mean they will not face such financial issues in the future when they start working? As for me, I will always finish all my food on my plate. My parents have taught me well I think. We used to have fish only once per week when we were much younger. Happy following kopiandproperty.com as I also see my kids growing up.
Next suggested article: Choices, we do have them, don’t we?