You Only Live Once
According to a report by Wealthmanagement.com last month, Millennials started saving at a median age of 22. That compares to 35 for Baby Boomers. This may be reflecting Millennials’ growing concerns about the future viability of social security and their intention to avoid working further into their retirement years or having to rely on their children for support as life expectancy has increased. An increased student debt burden associated with higher education and the cost of financial support for their families are among factors that may have encouraged early saving.
On the other hand, there is also a tendency among Millennials to concentrate on the present instead of preparing for their vague future as ‘Yolo’ (you only live once) has become a catch-all phrase for the generation. The UK daily Telegraph reported that Chinese Millennials rank travel more important than any other priorities listed, including buying a car or home, paying off debt, and savings, citing the recent study by market research agency GFK. The survey found that 93% of Chinese respondents considered travel an important part of their identity.
(Millennials Are Worried About Life After Retirement. The Huffington Post. January 15, 2017.)