Financial Needs of Millennials in Pakistan
When we talk about millennials we are talking about people who were born in the late 1980s to the early 2000s. The financial needs of these people depend on the year they were born in but since the oldest millennial should be around 35 years old we can break down the needs of this generation into a few parts. However, in Pakistan a system of ‘good money making’ isn’t too simple. Have a look below.
Eighteen and Younger
Ok so this one is easy, if the person is eighteen or younger they’re most likely still going to school or college. In these years the kid relies solely upon his/her parents to support them financially, so they don’t have to worry much about savings and financial troubles as they don’t have to pay bills and run a family. Which is why they’re needs are not that big!
Between Nineteen and Twenty-Four
Once they have turned nineteen they cannot rely on their parents funding them all the time now. If they are studying in a university then their parents may be funding their studies but they also have to earn some sort of an income to help support themselves. At this point in life there is virtually no money left to save up as almost all of it goes in to their basic needs like food, water and clothing (also university required stationary like course books and such).
At this age everyone usually begins a job, like a part time or full time along with managing their education.
Between Twenty-Five and Thirty
By the time they’re twenty-five, millennials graduate from university and are out looking for their first job after earning a degree. Some decide to continue to study, like masters. At this point millennials opt to contribute at home and manage their basic needs and wants. Basically, less funds from parents is required.
Between Thirty to Thirty-Five
By this age practically all millennials have a job that pays enough to support them and allows them to save up for any emergency or expensive product. The ones who studied further will now have jobs in the specific field they were aiming for. The other two groups, those who started jobs after university and those who started jobs after college, will have gone farther up in their fields and will be earning decent incomes. By the time they are thirty five, millennials most probably achieved complete financial independence and do not need any extreme support.
To summarize it all, millennials need financial support up until they are at least nineteen and at most thirty years old, after that they will most likely be able to face any financial troubles themselves.