There’s a lot of drama facing Millennials. Aside from the fact that they’ve been accused of ruining everything from comedy, to print media and even avocado toast, the fact remains that wise investment, forward preparation and sensible savings plans may be out of reach of many of them. That, or the fact that the financial horizon is too clouded for them to see what’s needed.
Solutions are, however, at hand.
Last year entrepreneur Tim Gurner’s comment on Sixty Minutes that Millennials might never be able to afford their own home ‘when you are spending $40 a day on smashed avocado and coffee’ went viral.
The point Tim Gurner was making is that in the past you had to scrimp and save to buy a house, and you didn’t indulge in such yummy expensive breakfasts.
However, the previous generation only had to save for a deposit on a house that cost (on average) four times the average income. These days, it’s nine times your average income that is required to buy your average priced house in Sydney or Melbourne.
That’s a lot of avocados.
So rather than just skimping on the occasional brekky out, improving your financial acumen is the first step on a journey that could help you secure your financial future.
Global financial behemoth PWC found in a 2012 study that only 24% of Gen Y respondents possessed basic financial literacy. Similar numbers were found among millennials in a survey conducted by US-based financial services giant Wells Fargo. The survey found that they didn’t know much about how finance works, but encouragingly knew that finding out was an important thing to learn. So the key is: learn about it.
the key is: learn about it.
The internet is rife with information, and some research would be necessary in order that you can separate the good from the misinformed. Plenty of quality, free information is available online.
These are but a few of the fundamental challenges which present themselves when seeking out finance. Amid an environment where more and more people are reliant on jobs within a ‘gig economy’, we see more and more younger adults making ends meet through taking jobs as Uber drivers, operating food delivery franchisees, or supplementing their finances through Airbnb . Their financial future remains just as important a challenge to secure.
Positive Lending Solutions can provide a more open market in the personal financing universe. Prospective borrowers can get a quick quote about the potential size of their loan, the repayments, and the timing of these payments, all inside of ten seconds, thanks to their innovative online system. An economy rife with changing circumstances, and a generation coming of age with different priorities, goals and challenges will be able to discover and make the most of a system built for their needs.