Blog #9 Students Put Fun in Budget
Compared to my parents generation, young people, such as myself, take a very different approach to saving and budgeting. Instead of saving for a family, a house, and financial security in general right after coming out of university, young people tend to have a different set of goals which they save for. Many university students and recent graduates save for big trips to places like Europe or Africa or for other short-term goals that make life fulfilling by setting aside some money from every pay cheque.
One possible explanation for this change, when looking at Maslow’s Hierarchy, is that the fact that our parents had much different needs than we do. Whereas my parents were in the baby boomer generation which tended to be more concerned about security and safety, young people today grow up in quite an affluent society where self-fulfillment is more sought after; self-fulfillment being higher up in Maslow’s hierarchy.
It’s all about balance. Eventually, most young people plan on settling down, having a family, and saving for retirement. However, there is less sense of urgency. Personally, I hope to be able to do some humanitarian work in Africa before I graduate, but that depends on how well I save and budget my money.
http://www.financialpost.com/personal-finance/Student+money+Save+stress+budget/3906321/story.html
