Financial planning is a topic most millennials rarely
consider. This is often seen in behaviors of impulse purchases—using their
hard-earned money in things that are temporarily meaningful, that at times lead
to a feeling of regret, or what is simply called a grudge purchase.
A Goldman Sachs study revealed that generation "ME
ME ME" would rather save up for vacations and leisure activities to enjoy
their life now than invest in their future--marriage, a home, their own
business, retirement plans. This despite financial institutions constantly
encouraging them to favor savings and investments.
For Surendra Menon, CEO of BPI-Philam, millennials can
choose to have the best of both worlds.
“They can live their present life to the fullest and have
a secured future at the same time,” said Menon. "It's a misunderstanding
that has to be clarified—protecting your future is simply making sure you can
enjoy the lifestyle you have now and for the years to come."
