How are Millennials Managing Their Money?

With technology at their fingertips, a purchase is only a simple and tempting click away. In UAE, banks give out credit cards like candy, pushing people into debt and not making it easy to save. While a few use their credit cards wisely, a large number of people are over their heads with credit card spending. 

In UAE, where everyone is earning more than they would back in their home countries, there’s a temptation to enjoy life to its fullest, all because of FOMO (Fear Of Missing Out). Simply put, millennials aren’t saving money as they should be, forgetting that expats will all have to leave UAE one day.

Outside of UAE, things aren’t much different for millennials and their finances. With the current state of the economy, not making nearly as much as their parents did when they were their age, and the Crash of 2008 in recent memory, millennials have reason to be apprehensive. 

Globally, millennials aren’t saving enough towards retirement. Unfortunately, most don’t even have an emergency or rainy-day fund. This is an absolute must-have. Save your YOLO (You Only Live Once) for when you’re living off your years of hard work and savings, enjoying the good life in retirement.

With millennials set to have the biggest retirement burden for many generations, it is imperative they begin to save regularly and earlier. It is an incredible challenge to put aside money each month and set personal financial goals especially when rent and the cost of living are high. Financial goals are often slow burners rather than quick wins but a qualified advisor will put you on the right path and ensure you have the funds to enjoy life to the full…now and tomorrow.