2016 Aug 4
By Vandana Hiranand
The young, driven, and intensely motivated generation of Sri Lanka: the modern millennial. This modern, 21st century generation is known for its open-minded thinking, fresh attitude towards the world and non-judgmental opinions on various global issues. They are known to be activists, creators and dreamers. They are entrepreneurs, artists, and are determined to change the world, be it through social media or any other platforms.
And yet, this modern generation has a very persistent problem: we are constantly broke. Many who belong to this generation seem outwardly successful, yet are financially lacking in strength and success. Hence, the million dollar question we must ask ourselves: why?
It’s important to examine the many factors which collectively contribute towards this phenomenon. Undoubtedly, a highly essential factor is the difficulty to secure an ideal job and gain the opportunity to progress in any chosen field. While having a degree qualification is still something to be proud of, the significance associated with having a degree has reduced drastically. This is due to one simple reason: almost everyone has a degree! A BSc or BA is classified as a requirement, not an advantage, and is a necessary step for everyone to complete. As a result, people are spending enormous amounts of time and money to end up competing for the same limited number of jobs. Hundreds of graduates struggle to find a suitable job and tend to rely on their parents’ earnings.
In the fast-paced and technologically advanced world, it’s easy to get left behind. Millennials are doing their best to stay on top, which is naturally accompanied by many disadvantages. Success is measured in the number of likes, comments and views you receive on social media. The need to display an extravagant, expensive lifestyle is increasing within Colombo. In short, people are spending more than they are saving.
This is further influenced by the gradual change in societal views about marriage and careers. With the increase of working females, and the increased significance of building a successful career, the average age for first marriages is steadily rising. Most millennials, both male and female, are choosing to live at home with their parents for longer than they previously would. As positive as these changes are, they tend to cause financial drawbacks.
With fewer bills to pay and a lack of experience in handling finances, this generation is beginning to spend more money on coffee dates in expensive cafés, shopping at pricey outlets and dining in style. Rather than budgeting, they are spending and thriving on short term goals. No doubt, social media plays a rather big role in this change. Needless to say, a significant portion of this generation thrives on social media. Yet, this has its drawbacks. To gain an opportunity for a picture on Instagram, you may order expensive drinks and food. With photographs, selfies and cameras all over the place, you may spend more on clothes and worry about repeating an outfit. In short, millennials are spending more to look rich and successful, resulting in a poor bank balance and a further reliance on parents.
The younger generation is focused on an outward expression of their success. Somewhere along the way, we have forgotten how to build. Career-driven, smart and talented individuals are scattered throughout each field. Yet, being unable to save, their future prospects may look bleak. Building a successful-looking Instagram feed seems to be more popular than building a strong bank account.
The economy cannot be ignored, of course. With the increase of tax rates and prices, a simple social outing in Colombo can cost more than 2000 rupees. Simple things such as watching a movie, or hanging out in a nice environment costs way more than it used to. However, as tough as it may be, if millennials do not learn to prioritize and save, these earnings will stagnate and have no positive bearing on their personal futures. Eventually, there will be an immense struggle for homeownership, retirement funds, purchasing of property, and any strong assets. No doubt, this will negatively impact even the future generation.
Millennials are constantly earning, yet are constantly broke. They are intelligent, capable and clever. Yet, the inability to save causes a downward spiral. This is the 21st century broke: possessing every important facility, be it technology, Wi-Fi, career opportunities and the education to handle finances, while simultaneously having no permanent savings and a constantly receding bank account. As important as it is to enjoy, the importance of saving and building needs to be integrated back into our primary goals in life.
Of course, millennials are not all to blame. This generation has been dealt some unfortunate cards. With the struggling economy and job employment difficulties, millennials definitely don’t have it easy. But with some careful spending and smart prioritizing, there is definitely hope for a very strong future.
