Defined as “the desire to experience pleasure or fulfillment without delay or deferment”, instant gratification actually implies that it’s the mindset which dictates that if you want something, you must have it at once.
Obviously, this approach is most often displayed among our millennials which manifest itself most evidently on social media as they stake their entire lives online and immediately receiving “likes” and comments. Sadly, this also bleeds into the youth’s spending habits. It is not rare to catch young people spending big bucks on material things and consumable items. Whether it’s shopping the current designer fashion trends, hitting different bars and clubs every weekend, blowing every other paycheck to travel with their friends, or spending way too much at bi-weekly brunches for overpriced avocado toast, millennials are frequently very cavalier when it comes to spending.
Some may contend that it is all right – even admirable – to spend for irreplaceable experiences with friends or treating yourself to, say, a decent couple of shoes. After all, they worked hard for that money and should be able to get along with it as they please.
While it is absolutely okay to have fun with friends and treat yourself every so often, this mentality should be balanced out with some semblance of forethought and life planning. After all, your hard-earned money should be going towards something bigger and more long-term than expensive brunches and spontaneous trips to Bali, right?
If this short-term spending mentality continues down the line, millennials are in for a rude awakening when it comes time to retire. I know it seems like too far-off a concept to be worrying about, especially for a generation that is more or less new to the working world. Nevertheless, it is highly advisable and encouraged that people embark on investing in and planning for their future, including (and especially) retirement. For people to ensure a better and brighter future for themselves, it’s time to start taking financial planning more seriously. It starts with being smart about your money.
Believe it or not, most people don’t know the first thing when it comes to financial literacy or planning. The public must be educated on the proper methods and techniques to manage their funds, since this would be really helpful to the generation of Millennials who are only beginning to create a mark in the work force. Small efforts now will pay off big time later.
There are literally infinite ways for Millennials to learn more about financial provision, encompassing a mixture of materials and resources. One of the most engaging and informative campaigns that is currently making a huge impact among young professionals is Philam Life’s “Live Ready” campaign.
Unlike other efforts that are overwhelmingly technical or too textbook-like, Live Ready leverages on real life experiences, situations, and solutions delivered in digestible portions. From what I know, Philam Life has conducted this campaign across key cities in the Philippines.