Shipping towards the Island of Financial Insecurity
he financial goals of the present are increasingly becoming the bottleneck for future savings.
The time of the Baby Boomers, even Gen-X to a great extent saw the rise of Fixed Deposits ornamenting the books of the banks. For that reason, their post-employment life was settled by the time they grey-haired. Millennials, however, seem to be at odds with the thought of retiring, first at 60 & if so then with a huge bank balance. That’s not because they don’t want to but because their day-to-day responsibilities squeeze the sense and ability to preserve any little bit for the future.
Numbers - A Telling Factor
As much as one-third of the millennials are taking out money from their retirement plans, as per a survey by PwC. It also goes on to state that half of the survey population (majorly Millennials) believe that they will be doing the same, if not in present then in the foreseeable future.
The reason for this, some say is the massive student debt that the young workers amassed during their collegiate years. Paying down the same while handling the responsibilities of parents (for those who have to) doesn’t allow the savings’ horizon to last for more than a few days or weeks.
As a result of this snowballing effect of the financial crunch, employees report a productivity shortfall. Those facing the challenge are likely to spend 3 hours or more trying to deal with such problems in the office.
Help? With what & How?
It's not a shame but ones’ strength of character to admit when you have no better answer to offer. So happens to be the case. How do you generalize an answer when the individuals in a demographic are so impulsive and unpredictable? Perhaps this is one riddle the key to which Only Time Will Tell!