It’s assumed that nowadays young people are very impulsive and influenced by widespread promoting of material goods. Luxury life style, S-class brands and social media, which perform this to audience, make an enormous impact on teenagers and young-adults. So, instead of saving money for their own future, youth prefer to spend the rest of their budget on the new iPhone model to meet the Instagram standards.
In my opinion, it is necessary for parents to make youth get used to save money from the early childhood. Such habit could prevent the future fast-shopping addiction and aim to realize the value of the alternative opportunity to obtain something more essential instead of a new sweatshirt. Additionally, sometimes young adults may be blind to their own behavior, when they spend more than earn.
Youth generation has to understand that in time of global destabilization it’s better to have budget pillow to be prepared for the different scenarios. Globalization and world trade policies have led to dependency between regions. For instance, the war in the Middle East boosted the oil price shock in Europe. Therefore, many international students are not able to come back to their motherland due to extra high prices on plane tickets. That’s why keeping the part of the gained salary can help you with unexpected circumstances.
It’s a common situation, when students gain their first salary or obtain desirable scholarship and then immediately waste it on the overrated stuff. Obviously, keeping all gained income in the piggy bank is not the right approach. It is better to find the balance between wasting “there and now” for your mental-health wellbeing and rationality for the bright future. Anyway, it is fully agreeable that ability to manage your own budget will open various opportunities or even once save your life.