Every generation compares its experience to that of the next and think life has become easier.
But adult life is hard no matter what decade you’re in, even if the conditions are different. For millennials – those who reached young adulthood (18-39) in the year 2000 – there are unique everyday issues to deal with.
But how can we deal with them efficiently? Here’s one problem unique to the new generation and a proposed solutions:
It is hard to find any young adults who are financially free. Most are tied into credit agreements to fund their lifestyle. How can Gen Y become financially independent?
The limited access to credit and bonds for an entire generation is a reality. Ian Cloete, an accredited financial planner, has been encountering his fair share of financially strained Generation Y’ers.
Cloete’s advice is simple: “My first question to any new client, no matter age, is: Have you written up a budget plan? As soon as you can account for your expenditures you can set aside small amounts each month to build a large lump sum. Look after the cents and the Rands will look after themselves.”
