Each generation has their own view of how they have had it tough, from the baby-boomers, through to Generation X, bringing it right up to date with the millennial generation, each one will have their own unique perspective on how financially things are much tougher now than years ago. And while each social group has a valid case to make, is it actually getting tougher to save money now than ever before? Let’s have a look.
Is Technology To Blame?
It might be to an extent, but it’s not really fair to blame the lack of finances on the modern-day equivalent of keeping up with the Joneses, or social media to you and me. But psychologists have argued that it can be a contributory factor because people feel the need to have the shiniest new toy or device. But the instant gratification that comes with showing off a new purchase on social media means that people are likelier to keep upping the ante. Even the methods of payment via smartphones, from PayPal to mobile contactless methods to very easy access to your bank account online means that it has never been easier to get money from our funds. There is no need to walk to the ATM anymore, we can buy everything online.
Are Debt Cycles Damaging The Chances Of Saving?
Accruing debt is so much easier than before. We can easily apply for a loan and then the interest rate is so high that you have to get another loan to pay off the original loan, and it can have a massive impact on your credit rating. These payday loans are very popular now, but it is a poor solution to the problem. This leads people to ask, can you get a personal loan when you have bad
credit and no bank account in the modern world? Well, it is possible, but you may have to jump through a few more hoops! There are companies to help people with bad credit manage their personal debt, and make some effective changes to their savings and personal spending habits. It is very easy to get into a cycle of debt, and much harder to break out of it!
Is The Fact That People Are Earning More Proving Detrimental?
It appears so. With the increase in funds, so does the lifestyle that goes with it. People are earning a lot more now than before, and although inflation needs to be factored in, statistically it seems that even the high-earners now are living paycheck to paycheck. Even with the high amounts people earn, they still feel a need to spend, and it appears to be an ingrained habit. A spender is always a spender, and a saver will appear to always be a saver. So what is the solution? Well, it appears that planning is the best route towards some sense of financial freedom, but you shouldn’t let it overrule your life. A good amount of saving is 20% for each paycheck, but you need to enjoy the finer things in life sometimes, because how is living paycheck to paycheck fun? It’s not!
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