Gen Y’s Strained Wallet

ARTICLES | Mar 21, 2022
Gen Y’s Strained Wallet

"Gen Y's financial growth isn’t easy."

Interest on deposits has changed sharply from 30 years ago, before the Tom Yum Kung crisis. Deposit rates in Thailand reached 12% back then. Today the figure is only 0.25%, making financial growth tough for Gen Y.

Gen Y try to find a way to gain money or get it to work for them, whether through investing in stocks or cryptocurrency, offering higher growth but higher risk too. They must keep learning to secure their future fast.

"Spending is easier than you think."

Technology is making it easier and easier to spend. Mobile banking and online shopping mean we no longer have to visit stores. Unsurprisingly, Gen Y with their phones in their hands all the time will end up buying what they don’t need.

Shopping is now also for fun and entertainment. Purchasers join live sales for the thrill, not the item. People who shop like this can spent their cash unwisely.

"Experiences require money."

Gen Y tend to seek experience of travel or socializing because they don't want to be seen as inexperienced by their peers. They will spend their savings on overseas travel or socializing for career advancement or self-improvement. But it all has a price.

Many Gen Y grew up through financial crises that left their parents lacking resources, so they’ve grown up looking to enjoy what they missed as kids.

"Young but deep in debt."

Gen Y owe an average of 430,000 baht through their habit of spending to have it all. Overspending in the downturn has worsened their finances until some take on debt to meet their needs.

COVID-19 crisis and war has fueled unemployment, while inflation is raising the cost of living, making their financial future even more difficult.

If these trends continue Gen Y's retirement savings may take a hit, forcing them to rethink their plans.

What’s your view on Gen Y? Do you have experiences or a situation to share? Please let us have your insights here.

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