In a world that seems to constantly measure success by money milestones, many young people today find themselves grappling with the pressure to grow their savings.
In the midst of the stress and expectations, there seems to be a growing sentiment among young people that values experiences and memories over accumulating wealth.
“I don’t have a penny saved, but I’m okay with it. Money comes and goes, but memories stay forever,” one young person tells her.ie.
For many, the joy of experiences – like travelling, socialising, and enjoying the young years – outweighs the anxiety of not having substantial savings.
But not everyone feels comfortable with that. The struggle between wanting to enjoy life and feeling the need to save is a common experience.
“My boyfriend has been working a lot longer than me and I can see, like, when he saves stuff and there’s me,” another young woman explains. “He wants to go on holidays, and I’m like, ‘Yeah, let’s go on holiday,’ but you’ve got your savings, and I haven’t quite got that much saved up. So yeah, I think there’s definitely a lot of pressure from friends, family, relationships.”
The comparison with friends also can add to the pressure. “If someone talks about ‘oh yeah, I’ve so much savings,’ I think ‘oh, I need to do the same thing,’” admits one person, showing how easy it is to feel you’re behind when surrounded by others who seem to have their finances in order.
The challenge is even more present for students and recent graduates who are just starting out in their careers.
“I’m working the summer, but I’m not gonna work when we’re in college. So I’m like, ‘I’m not saving anything.’ Like, I’m saving now to spend it all during the year. Whereas people who work during college can just continually save,” explains a college student.
This constant cycle of earning and spending, with little room for savings, can create a sense of anxiety about the future.
Age differences within friend groups also plays a role in mounting pressure.
“Oh, absolutely. Like the girl I live with, she’s a lot older than me, so she’s been able to save a lot more, and it really stresses me out because I’m a lot younger, so I haven’t been able to,” another young woman shares.
For some, the pressure becomes worse as they approach certain life milestones. “It freaks me out a little bit because I’m 30 next year,” says one woman, “but I’m also just like, ‘ugh, it’ll be fine,’ because I feel like everyone around me is doing really well with mortgages and engagements and all that kind of stuff. But, it’s each to their own, I think. I don’t really worry too much.”
The conversation around saving and spending is changing. Lots of young people are finding their own ways to navigate financial pressures and are marching to the beat of their own drum rather than getting bogged down in a competition with someone else.
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