There are a few topics that you don’t discuss in polite society, and money is one of them. However, millennials are going to talk about their finances, and they don’t care if the discussion makes you uncomfortable. Being saddled with enormous college debt and coming out of school during the recession may have led to this significant behavioral change. Fortunately, their openness regarding their finances creates a strong possibility for financial literacy.
India has never been younger, we are a country of millennials. An analysis by Bloomberg suggests that the country will have the world’s largest workforce by the year 2027, two-third being below the age of 35. While vast majority is far more educated, technologically savvy and ambitious than the previous generation, they are also transparent when it comes to discussing their finances and how much money they make. Knowing what your friends and colleagues make in the similar field is empowering and helpful in making sure you’re being compensated fairly, knowing when it’s time to request a raise or finally moving on to rewarding job.
According to a new study by TheCashlorette.com, population between 18 to 36 say they discuss how much money they make with their immediate family (63%), friends (48%) and even coworkers (30%). Though “How much do you make?” is a question considered taboo by other generations, 33% of older Millennials (ages 27-36) say they don’t hesitate when it comes to sharing their salary information with their colleagues.
However, millennials aren’t exactly sure they have it all figured out yet, a survey by Franklin Temple notes that Gen Xers and Millennials are both stressed out about their finances. “Having an early foundation in financial literacy would significantly help the millennials through critical financial decisions, like having lower debts, financing a car or buying a home” says EarlySalary Co-Founder and CEO, Akshay Mehrotra.
The approach towards personal financial literacy in India has been more reactive than proactive. The population resorts to finding less-than-ideal solutions when met with financial roadblocks instead of finding better ways to ingrain basic financial and economical concepts.” By being adept at basic financial concepts and knowing more about financial wellness, we can make smarter financial decisions and ask the right questions when needed.” Akshay continues.
According to Bankrate, millennials are feeling secure in the employment and have better overall financial situation than they did few years ago. While other generations gripe about stagnant income, millennials who are finally getting into decent-paying full-time jobs are finding their feet and accruing savings. Yet, corporates in India are facing high attrition rates due barrage of poor treatment, unfavorable working conditions and mostly, lack of financial wellness.
For employees, money and finances can be a stressful topic to talk about. Most of them are looking for answers in all the wrong places. Our Financial Wellness Seminars help employees become better with money.
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