Today’s Youth is More Inclined to Engage in Conversations About Money

havenifa

havenifa


Posted on: 8th December 2022

There is a sizable shift in today’s young adults in that they are more inclined to actively search out professional advice when it comes to money – much more than their parents had done in generations prior.

Obviously, with the dramatic shift in the UK financial landscape over the past few years, many young adults starting a life together and planning for the future are starting to think ahead when it comes to their impending family by concentrating their efforts on a better financial outlook. Many of these have witnessed their parent’s current struggle in the economic climate and feel that they do not want those same struggles when they have children of their own.

This has led to more awareness around pension advice Manchester, a more structured focus on retirement planning Cheshire and comfort in discussing finances and solutions with independent financial advisers Cheshire.

Savings and Spending Habits

Over the previous generation, many people spent a lot more and failed to put any meaningful savings in place for the future. Coming off of the huge Cool Britannia period, everyone thought the future was going to be prosperous and no sign of struggle for the country was imminent.

With many having children at the turn of the century and business in the UK being good, many young adults didn’t put too much focus into retirement planning with plenty of money being made. As 2008 hit, the world economy put a lot of strain and put in effect a chain of events that we still feel today. Unemployment, many jobs being replaced by technological advancements and many tried and trusted brands becoming extinct and resulting in swathes of layoffs – resulting in many families facing sudden financial woes.

Many of these children grew up seeing their families struggling financially and have now grown into young adults who smartened up about their spending habits and the need to save for the future.

Lower Incomes

In today’s economy, there is a bigger surge in ‘temporary jobs’ due to the quicker pace that the world is working. Many young adults take temporary jobs whilst working towards a full-time career, and these jobs have a revolving door – or the company has a limited shelf life due to more available online resources.

The influence of automation within a business has also limited the hiring of physical employees for roles, meaning taht human workload is reduced in a majority of cases and provides lower incomes as a result. This greatly affects young adults and means that every penny counts towards their state pensions. This also makes young adults more interested in making investments that will pay off – resulting in getting more accurate advice than what is provided on the internet.

Providing For Their Children

The big concern and driving factor for young adults seeking financial advice today is a greater emphasis on their family’s future, wanting to ensure that any future financial uncertainty towards their children and loved ones are protected against.

For professional advice and assistance with future goals in creating future wealth, contact the team at Haven IFA today.