Difficulty in unlocking financial freedom

Ever since we first embarked on our journey to adulthood, there is one thing that we are all striving towards, and that is financial independence from our guardians. Who doesn’t want to splurge on their favourite shoes without worrying about the dent it would create in their parents’ wallet? Or travel to the farthest corners of the world with your group of friends and have your grand recreation of Zindagi Milegi Na Dobara? Then, what is stopping us from attaining financial independence?

The youth of today often find themselves running out of money by the time they reach the end of the month. The reason for this would perhaps be the bundle of loans, the addictive consumerist tradition that is taking society by storm now, lack of investment in properties and stocks and rising bills. The youth now is driven by the need to “look” stable rather than “be” stable. Additionally, the youth refuse to marry young, but marriages offer financial independence at a very young age.

However, you need two to tango, and therefore, the economy does provide its fair share of barriers for the youth to attain financial independence. The government has a very loose hire-and-fire policy which leaves youngsters without a job in minutes. And therefore, the youth are compelled to take on side jobs.

Related: An app to keep track of job applications

However, this has its disadvantages, and the biggest one is: no such jobs exist. This is especially true regarding the furlough imposed on workers in almost every sector in this pandemic. The rugged competition in the market makes it harder for the youth to get fair-paying jobs. So, instead, they settle for low-income employment options or worse, sit unemployed.

And this has just gotten worse during the pandemic.

Related: Stress and the pandemic

With an economic recession unlike ever seen before, starting your career in a pandemic deters one from gaining financial independence. COVID-induced lockdown restrictions prevent one from moving out and living independently. Those who lived away from home for work had to move back home to save on money. The pandemic has also postponed the plans many youngsters had with regards to pursuing higher education or making huge investments like buying a car, etc. The financial uncertainty makes it harder for youngsters to embrace the idea of new ventures as there are no methods to start these without putting an economic burden on their guardians.

Related: How will the Economy bounce back after COVID-19?

There is no better solution to this than educating the younger generations about the importance of investing and saving, and the negative and chronic impact of the consumerist tradition. Experts suggest adopting a modest lifestyle from an early stage, creating contingency funds, and investing in SIPs and Mutual Funds so one can protect their parents, buy a vehicle, and save for education.

To know more, visit Globalshala.

Shivangi Tripathi

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