Planning anything other than what you’re going to have for dinner can be tough work for a millennial, never mind actually sitting down to set out our financial planning goals. Not to mention our 7-inch side kick that comes with WIFI, there is nothing this world could throw at us that we can’t solve at a click of a few buttons! Or at least a good google search can’t fix…or so we think. After all, we do pick up our phones more than 157 times a day, according to Social Media Week. But back to planning for the unexpected. Have you ever met a millennial that didn’t say they weren’t broke financially? Or were in a position to sort out their financial planning for the future?
It’s no wonder we can’t seem to grasp the simple things in life, like grabbing our full-time job and setting up our pensions, life cover and Private health insurance. Millennials seem like the cool kids in the generation playground. But our cool kid attitude has taken over our mind and made us blind to planning for the unexpected. And no, I’m not talking about a baby, although they are adorable…especially when you can hand them back to their parents!
You can thank a lot of different factors for making life seem so cushy for us and making us feel like we are safe inside our little bubble. We may live in a fast pace world where everything could change in a heartbeat. Meaning this plush reality harbours more than meets the eye.
Where has our Financial Planning got us so far?
We may be the generation that reached higher in academia than others before us, where masters are becoming a distinct advantage over the ‘average’ degrees everyone seems to have these days. Which is great but it has left most of us weighed down with crippling debt, lower than average wages, contract employment and the list goes on. It can be hard to plan for something unexpected when we don’t have the reliability of being financially secure to encourage us and motivate us into making the right choices.
Employment now is based on short-term contracts which means we don’t know if after our contract expires will we have a job or be forced to start the job search again and again. Meaning that when it comes time to decide on the little things like Private Health Insurance, Pensions or Life Cover it all gets thrown into a pile of maybe later.
One financially stable decision which most millennials are opting out quicker than turning on a light is Private Health Insurance. Being realistic we feel like we don’t need it. But if you enjoy any contact sports and don’t have Private Health insurance than oops that’s an expensive hospital bill!
Although if you were clever enough to invest Income Protection (PHI) it would protect your income while you recuperate in your own surroundings. By no means are we trying to say that you should choose Income Protection(PHI) instead of Private Health Insurance. Because they are two completely different schemes that don’t even cross paths. But if you’re willing to go public and pay for what you need or you have been advised to take time off work. Then it would be a wise to consider a cover that would help you when you need it the most.
What does the future hold?
Us millennials wouldn’t even consider any form of investment until we are a little bit more financially stable. All you ever hear when you reach 25 is PENSIONS, PENSIONS, PENSIONS. But what other generations don’t seem to understand is how hard it is to start one. With little finances you have to get you started, that exotic holiday or car payment seems a lot more appealing right now. As soon as we land that perfect job, after travel costs and social lives, we aren’t really left with much to tuck away.
It won’t be long till we start planning for our futures, walking down the aisle, planning those furry little paw prints and wondering what the fuss was all about. But till then we live in an uncertainty of whether something big will happen to burst our bubble. Making us face a reality that we don’t want to tweet about.
Planning for the unexpected could help in case something should happen, in all areas of your life. It will soften the blow when life throws you lemons you can’t turn into lemon infused alcohol. If financial planning for your future is on your mind, why not avail of our free initial consultations by checking out our new website, www.3sixty.ie.
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