A Thousand Mile Road Begins With A Single Step

Saving has been a tough decision for most, more so for the current generation. The members of Gen Z and late millennials are now the youngest employees in the workforce. As they venture into their professional careers, many are failing to prioritise on a key aspect of their finance– savings and investment. According to a report by Deloitte, millennials and Gen Z save less than what they spend on their lifestyle and this is less than 10 per cent  of their income. This generation spends most on monthly essentials followed by education and utilities. Any additional income is spent towards dining out and entertainment, apparel and accessories, electronics, travel and so on - basically experiences. Out of the total income including incremental income, saving holds only 10 per cent share in it. This indicates a shift towards a consumption economy rather than a savings economy,...