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Gen Y – sometimes known as millennials – are often described as lazy, entitled, and narcissistic.
This is not necessarily true, and there are many examples of them being productive, creative, and willing to put in the work. The problems that face them financially, however, can seem overwhelming.
Financial planning is critical to the fortunes of Gen Y in the future. Issues are coming up today that will wear down their ability to be financially independent down the road.
One of the major issues facing Gen Y is debt. According to independent financial advisors and analysts, the generation is paying for the pensions of older ones. Much of the economic impact they generate is going to the upkeep of older generations who are no longer working.
The result of this is that even Millennials who work earn significant amounts find their options stymied. However, a financial advisor from us here in Perth can help.
Another issue for Gen Y is a distrust in investments and stocks. Unlike Gen X, Gen Y came to the forefront during the worst of the recent financial crisis. They have a low opinion of stock trading, which can limit their options when attempting to invest and become financially independent.
Gen Y also has a financially questionable subscription culture. Something Gen X or baby boomers would pay for in months, Gen Y would be paying for in years.
Experts in financial planning services point out that this leaves them trapped in bad financial situations, stifling their long-term financial well-being.
The services of a financial advisor or planner are crucial for Gen Y. We factor in the habits, risk tolerance, and spending habits and through this, we hope to help you get a better, more comfortable future.