Busy splurging, saving last priority for GenY
It seems like the rising cost of living doesn’t really deter our younger lot from splurging. Inflation seems to have had little impact on the wallets of teenagers and youngsters. Statistics reveal that despite inflation, urban youth pocket money has gone up 10-fold since 2005, especially the ones in metropolitan cities in Delhi and Kolkata. Youngsters couldn’t agree more.
Says Vidhi Arora, a young professional, “I completely agree. We’re spendthrifts. And it’s majorly due to peer pressure. We all love to flaunt. In metros too, cheap options for everything are available, but we don’t really opt for them. It’s about Puma bags and Gucci watches.”
Agrees Lohit Kumar, a B. Com (Hons) student. He calls it the magic of the “swipe of a card”. “We all have credit cards today. We all live for the day and no one really believes in saving. And even with the cost of living at an all-time high, we have the best gadgets and vouch for the most expensive places to dine,” he shares.
Puneet, who finished his engineering this year, confesses he comfortably spends `5,000 to `8,000 every month with friends. “Even if you go out once a week, you would obviously want to go to a place where there’s a decent crowd. And these ‘decent’ places are quite expensive. I don’t mind spending much, but can never compromise on financial security. It’s not about flaunting, it’s about spending a little more than usual to get the best,” he says.
Harish, a banker, tells us how even when youngsters start earning at an early age parents continue to save for their future. “Most people I know have to force their kids to save a portion of their salaries for the future. Parents come to us to ask for tax saving schemes for youngsters. It worries them to see their younger generation spending lavishly caring little about savings,” he concludes.
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