13 hours ago
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After the Corona era, in the turbulent world, a new trend has started appearing among many youths under 35. These youths have stopped thinking for the future. Instead they are spending the majority of their earnings, saving less than before and living their passion.
Nimrta Narang, 27, who lived in New York, was a visionary about everything till last year. After that he felt that I do not want to spend life so cautiously. She says, ‘During the Corona period, I could not go to Bangkok to see the family. When I went there recently, a lot had been missed: mother’s 50th birthday, grandmother’s funeral, sister’s engagement and father’s white beard. After returning from there, I decided that now I have to do something different.
Before the pandemic, she used to deposit $2,000 in a savings account every month. Now this amount has halved. The rest is being spent on renting expensive apartments, spending evenings with friends and pursuing petty hobbies. Manufacturers are not alone.
Survey claims – youth between 18 to 35 years do not save
A survey revealed that 45% of youth in the age group of 18 to 35 do not see any point in saving until things return to normal. 55% said they had deferred retirement planning. Actually, the life of isolation in the pandemic has taught people the importance of enjoying every moment. Many are worried about climate change, the Ukraine-Russia war, political instability, rising inflation and a fluctuating stock market. So they are not making any plans for the long term.
Hannah Jonas, 27, of Denver, says, ‘I used to save every income I had. She also avoided taking OTT subscription. Now I put less amount in my savings account. Fuller, 25, has also stopped ordering cheap menus at hotels. Jimenez, 25, says, ‘There is a lot of uncertainty in the world right now and Kovid has taught us to live with our passion.’
Each generation has a different outlook on life
Financial psychologist Brad Klontz says the ‘spend now’ attitude is not the only pastime of 2022’s youth. Every generation has had a different view of life. Even during the Great Depression, many people lost their trust in banks. The fear of nuclear war at the height of the Cold War affected the way many young people planned. Even during the financial crisis of 2008, many people found it pointless to save for a household.
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