Gen-Z & Personal Finance: Baffling Choices Among the Woke & Broke | Vantage with Palki Sharma
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- Опубликовано: 11 апр 2024
- Gen-Z & Personal Finance: Baffling Choices Among the Woke & Broke | Vantage with Palki Sharma
Gen-z is making baffling choices when it comes to personal finance. The generation is spending more on high-quality products, even while grocery shopping. Groceries have become one of the top spending priorities for the young, according to reports. Meanwhile, the young are driving the sales of luxury goods globally. By 2030, they will account for 80% of global luxury purchases, according to reports. How is Gen-z doing this? By "doom spending", while being on shaky ground economically. Some of the is impulse shopping driven by social media. In fact, social media has become the primary source of financial advice for the young. What are the benefits of these spending patterns? What are the pitfalls? How safe is it to get your information from social media platforms like TikTok and Instagram? Palki Sharma tells you.
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Gen-Z | Personal Finance | Luxury Goods | Groceries | Firstpost | World News | Vantage | Palki Sharma
#genz #personalfinance #luxurygoods #groceries #firstpost #vantageonfirstpost #palkisharma #worldnews
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I am Gen Z but I have never bought any fancy clothes,sneakers or watches... I go shopping only if there's a function in the family(i am forced to)...I didn't buy iPhone, have no OTT subscription don't even watch any series, use very limited social media... I always used to wonder is there something wrong with me? Why I am not able to mix up with other people of my age? Now I know the reason. 🙂
Kudos to your parents
Keep saving, you will build wealth in the future
You are really wise ….probably one gem 💎 out of the lot…. Kudos to you & your parents…..plus your children are sure to be proud of you.👌
@@AkshayKumar-wo2cxI don't necessarily agree. I lived in the south of England for 35 years. And in all that time I worked but could never afford a flat, because prices rose higher than my salary. It took a move to another country to eventually get out of that trap. And Now, 23 years later I would still struggle to move back there. Unless you make huge sacrifices opportunities will not just land at your feet. Don't tell people good things will happen. Tell them to make things happen.
Watch Mahabharata at least once
They buy even clothes and shoes on emi😅😅
One of my friends did just this...he bought headphones,shoes,mobile on EMI😂
Most of gen z, have never struggled in life. Most of them spend, their parents money. Atleast few of them will suffer in future unless they change the habit. But, the world is going to an uncertain period, that we all may have to suffer🙂.
Blaming gen z is easy,
avg house cost anywhere from 10x to 25x of avg yearly earning.
Kids are expensive too, lakhs for primary education.
I'm not genz but i understand it. Who wants to play a rigged game.
Have you thought what will happen if everyone stops having kids ? Our next generation will have less workforce, economy will collapse and there is also a possibility of humans becoming extinct. It feels good to just think about yourself but you gotta think about future too.
@@rohithkumarbandari Ok so if whole society needs this, then why only the younger generation is responsible for this.
@@arjitmishra100 Did I say only younger generation is responsible for it?
@@rohithkumarbandari ok may be I didn't convey it properly so I'll just summaries it.
The cost to benefits analysis is simply not worth it now for the younger generation to try hard.
If this is a social problem as you mentioned then maybe society as a whole needs to come up with a proper solution
@@rohithkumarbandari Who cares lol? And who is to blame for exorbitant education fees with little to no value in return? Why does every generation has to get sacrificial to benefit next generation because their fathers or mothers said so and lived a fruitful life's? It's their choice in the end. Fixing the obvious problems will fix others that comes with it and it holds true here as well.
I believe in not buying something unless I absolutely, absolutely need it.
I'm 2000 born.
I earn 17k per month.
I spend around 3k per month for Household purpose and personal spending for myself.
Rest 14k I invest in the Stock market.
I guess the spending habits also are influenced by how your parents are upbringing you and in what financial conditions you are in.
And what kind of content you consume. When we consume finance related content we tend to spend wisely and invest in a good market.
But when we are influenced by social media. Every single video you watch on RUclips contains ads which make buying something that you don't need.
When the ads and sponsorship increase the buying increase too.
Today we have ads everywhere like never before.
I guess it's not fair to blame only Gen-z on their spending habits. We should also consider different elements that made them do so.
Because gen Z' parents took care of basic needs (food clothes shelter)
THIS!! that's exactly the reason. Parents worked their a off, to save for them, and now they are just blaming their Luxury Addiction to "Worrisome future" like climate change.
@@ISmellMuskyGen z did not start fashion. It's been around for hundreds of years. Gen z did not create jeans with labels Levi's did and Vanderbilt. And gen z certainly didn't put a silly air pocket in a pair of trainers and make everyone spend more money than they needed on something they didn't know they wanted. It's about why they don't see a future. Because previous generations ruined their prospects. Gen z didn't speculate with house prices to make them 8 X the average salary. Their greedy parents did that all by themselves.
@@aacmove so all GenZ did is just sitting on their @SSes and expect people to do things for them, correct?
@@ISmellMusky I said they didn't invent hardship.
@@aacmove you speak as though GenZ are angels in disguise. Btw, no boomer invented hardship in order to make like for future generations sh1tty. In fact the opposite, the older generation worked their a$$es off, invested their money, so that their offsprings could have a better life. If there are problems, then buckle up and find viable solutions, instead of moaning and complaining.
Increase in luxury spending is sign of Unsustainable business and economy.
blaming a young and susceptible generation because corporations promote consumerism 👏🏻
Corporations supported consumerism for over two centuries now.
corporations promote Vimal too.
Anyone with brain needs to be 10miles away from that. Does not seem difficult!
Woke broke baffling and blaming 😂
@@AKM_828 😂😂
Partly agree but thats not their problem."Buyer Beware" , its our money and we should learn to spend it wisely. Blaming others wont help us
Woke, Broke and Baffling 😅😅😅
#ZenZ
In true meaning, ZenZ is immune generation 😅😅😅😂😂
Schools and colleges need to include finance in their syllabus to make students financially literate..
" parallel universe" 😂😂🤯
Hi Palki maam I am a gen z and I never splurge on luxuries. Yes its true sometimes I do spend but its just 1 percent of time and a part of reason is majority of gen z parents are well settled unlike other generations and not all gen z seek validation from social media. I am learning about finances and how to be rich not to look rich.
"Thin wallets & Expensive tastes"😂
As an educator dealing with GenZ, I can say that's it's not fair to put all of them in this bracket, but yes, an overwhelming number are very clueless about how to fo anything. This also reflects poor parenting styles of Gen X and millenials. Poor parenting leading to young adults having no clue how to live on their own. Social media is only a double edged sword like a list of other things. There's no black and white here.
The money market hasn't been too kind to commoners lately. I feel like I'm not making as much as I could be.
Have you considered getting a financial advisor? They could help optimize your investments.
@@EricaWaters-lr6zw Hmm, who do you use?
@@WhitneyRoss-dj4rf I work with Wendy Joyce Woods, a former Wells Fargo advisor. She's been handling pecuniary matters, which is now in six figures.
Wow, that's impressive! I've heard of her. I'm excited to hear about her success stories. I've actually had my mortgage paid off by following her guidelines calls.
That's amazing! I've been thinking of getting a fiscal advisor too. I did a quick lookup and found it so easy to schedule a call with Wendy Joyce Woods
Genz is have to spend money on high quality groceries and protein bars because to avoid food adulteration in cheaper products. Government should make strict rules against food adulteration and increase organic farming
I'm a Gen Z but I'm a bit of a miser...maybe bcz im a CA student and know lot about taxes and savings.
In future I want invest in real estate,gold and blue chip comapnies to multiply my money.
You being a miser will help you IMMENSELY in the future.
Most of my commerce friends did go on a spending spree once they got jobs......so you also need to factor in lifestyle inflation that hits you hard if you aren't careful.
Also ABSOLUTELY IMPORTANT that you marry a financially savy female....if you go that route.
@@main_stream_media_is_a_joke Well I will just marry a girl who loves me and my parents.. also I don't pay attention to SM influencers.
Saving 20% of my money is enough for me. Don't be a miser. Spend on experiences for yourself and families.
@@akshaytiwari40a79 Cool......good to see today's youth not falling en masse to the consumer culture and enslaving themselves to their jobs and bank emi's.
I wish I had your clarity when I was just out of college.
Same , i'm 21. Currently in uni and freelancing.
70-80% of my earnings are invested in stocks. If I decide to do masters , I plan to pay atleast half the fees myself.
I feel like our generation is gonna suffer to buy a lot of things our parents did. Especially Real Estate and Education , the costs are absurd compared to what people are earning. Thats why I dont want to burden my parents and I will also get used to being financially independent. The sooner the better🤷♀️
Excellent subject to spread awareness…
You described my situation
This is in sharp contrast to an earlier video on household debt where personal loans meant Indians were confident than ever about the future. Now there’s a generation that is broke due to living in the now. Add the video on recession concerns , there’s a major disconnect in the narrative.
No. Some people are blindly confident about the future, and others seem to see what is happening and feel otherwise.
I think they are connected. Taking personal debt and then splurging that on impulse shopping are indicating that the youth are not worrying about the future.
Yeah but isn't that a good thing?
That there is no narrative. Different stories simply state a different truth.
me wearing same 3 shorts, 2 jeans, for last 5 years. being frugal and investing. my life going good.
wow, will come again to watch this.
its because of hopelessness , They know that they will never be able to buy house or have a faithful wife/husband , why save?
Man, that is spot on. I just wanna have a faithful wife , and a decent home. I dont dream about buying a giant house or a luxurious lifestyle but even this simple dream seems difficult to accomplish everyday.
That will never happen in this decade lol 😭😭😭😭
You're not wrong either
Cause if you don’t you will be worrying about being able to afford things or how to handle finance when/ if money doesn’t come in for any reason.
And then getting old is another problem.
I know I'm gonna be childfree. I am gonna enjoy my life :)
The Indian Society will be suffering from what Japan and South Korea is suffering fom today
The Indian society will never suffer from population decline. We are just not disciplined enough to not have so many kids. Although we will suffer from other phenomenon like an increasing wealth gap.
@@parthbarua6155 the problem that we cant afford to have kids (including their education, and buying our own property) is "the reason"
@@AmitKumar-eg3vy I am not responsible for India as a whole. My responsibility is myself and all my loved ones. Thanks.
@@AmitKumar-eg3vy Talk about yourself man. I am also from the generation and can afford multiple kids. And no, I'm not running my father's business lol.
There are plenty of high paying jobs for skilled people. It's not others fault that you are not one of them.
GenZ is playing stupid games to win stupid prizes, only to act surprised later.
Millenials need to save them. Otherwise they are doom
@@interestsavvy6813 Hell No ! We millennials are already suffering. We don't want more burden of these dumb Gen Z idiocracy
Palki is conveniently omitting the fact that GenZ is NOT DATING. Really amazing how much stuff you can buy when you dont take girls on dates, dont socialize at bars/coffee shops or live with them as bf/gf. Even the stock photos in this video show a bunch of girls together, no boy/girl photos.
Modern females are strong and independent.....why should they expect and boys spend on dates .......let them spend their own money on dates.
@@main_stream_media_is_a_jokemany modern females are quite happy to don swim suits and board yachts they don't own. Men and women of all ages will let other people pick up the cheque. And, I'll bet you if the guy doesn't offer to pay on the first date he may not get a second.
I s@ve 1 so let's spent 1....and what's they are doing on tinder etc if not dating
@@AKM_828 hookups =/= dating
@@main_stream_media_is_a_joke lets be real here, whenever a girl tells me she is: "strong and independent", I immediately know that means daddy's money. Women who have a Harvard MBA dont go around telling people they are: "strong and independent".
Thank you ole man
This is mainly in US and the West
I am only 21 years old. But I use money only for my hobbies and passions.
Palki is the mom every genzer needs
Financial literacy / personal finance should start as a formal subject in school
Palki is Humble
It is true to some extent sadly. Even if you have saved a lot by not spending on stuff, the difference would neither be enough to fulfill any big ticket purchase in future or safeguard you against some tragedy without shell shocking your life. You might be better off than someone with no saving but not by much. Look at real estate and medical cost inflation.
These "poor" youngster in future would anyway turn to either drugs, violence, scamming or other kind of nuisance all of which will target well off people who are saving in the present.
they are pretending its the end of the world, because it is
One life only.. enjoy
My mom was born in 1946, a boomer, but she lived like Gen Z her whole life and now her life is miserable. She's 78 now and addicted to youtube. She has no connection to any humans around her. My dad passed away in 1996. Thankfully, I am out of her circle. I grew up with my Grandmother, the silent generation, and I follow her lifestyle even now and I love it. I treat my Husband and kids the way she treated me with sincerity and they all love.
Fortunately I know great Gen Zers. And great in the other groups. Perhaps it's location.
"Not adulting " couldn't agree more 😂😂
Are you talking about GenZ's of India or US ? Because tiktok is banned in India
That outro (clicks) is off-putting to the ears. I hope it is [soon] replaced something better.
Doom spending? I feel like I splurged on $10 smoothie king and store brand groceries
$20 veggie smoothie, $500 Chanel card case, $50 burger lunch, ")
Theres also that portion of Gen Z who do FIRE financa.
It’s the gen x parents who have pampered them , gen z don’t have to worry about finances , thier parents saved enough for themself and thier kids, gen x were the one who had to work hard to get anything. Again I don’t think it’s gen z problem it’s the problem of thier gen x parents.
Percentage is meaningless unless the base is mentioned. This is because 20 percent of 100 is 20 and 20 percent of 200 is 40.
🎁.
Going out to buy groceries can be the same price as a Apple Watch, not really a difference.
i am also gen z born on 1996 octber
Thank God, I was smart. My wife was careful with money.
I just buy maggie and lays and a dark chocolate in extra when I go to super market
GST. 😢
Yes These days ive buying many good books😅
From Dutch tulips to sub-prime mortgages people have always spent money crazily. The "science" of Economics has as one of its basic assumptions that people make logical choices in their use of money!!! This is why Economics and Economists always get their plans and predictions wrong. No one would believe that governments make sensible choices and governments make up significant chunks of the economy. Businesses don't make sensible choices either: if they did no business would ever go bankrupt. The inevitable conclusion is that Economics is the science of CRAZY, since nothing and no one acts in accordance with its basic assumptions.
As a 33 yr old millennial, I must admit I struggle to understand GenZ. They just seem overly sensitive about everything. Most of them I know keep maxing out credit cards.
Everyone needs more than their salary to be financial stable. The best thing to do with your money is to invest it rightly, because money left for saving always end up used with no returns.
I guess i am not fitting in this generation in any ways😂
But fact is living in Now is okay till certain point. Cause I know people who worked all their life in Corporates and make good money but they cant afford 2bhk in south Bombay ( its their dream) its like all the properties are owned by our parents genaration 😂 and they are renting it out to gen Z...
Lol gen z is 🤡
Ahh taxes and contributions. It's like you are part of a cult, you have to throw piles of money into a firepit and watch it all burn. 🤣🤣🤣🤣 What a waste...
Sounds like these children have been brought up by children. Without checks and balances humans have become very selfish.
I am gen Z and dont relate at all😂
Well, could those people be dānavas and daityas reincarnated as these greedy people? Let's look at this:
Descendants of Daityas and Danavas?
April 11, 2024
Bibek Debroy's translation of the Mahābhārata, Karnaparva, adhyāya 1174(24) reads as:
‘ “‘The gods and the asuras engaged with each other in a mighty battle. O king! At first, there was the encounter known as Tarakamaya. It has been heard by us that the daityas were then defeated by the gods. O king! When the daityas were defeated, Taraka’s three sons, Taraksha, Kamalaksha and Vidyunmali, resorted to fierce austerities and established themselves in supreme control. O scorcher of enemies! They oppressed their bodies with austerities. O king! Because of their control, austerities and rules, the grandfather was pleased with them and offered them supreme boons. O king! They were united in asking for the boon that all beings would always be unable to kill them. They wanted this from the grandfather of all the worlds. The god who is the lord and master of all the worlds told them, “O asuras! There is nothing like immortality and not being killed by anyone. Ask for any other boon that pleases you.” At this, they consulted among themselves for a long time and then, bowing down before the lord who is the master of the worlds, spoke these words, “O god! O grandfather! Please grant us this boon. With your favours, we will dwell in three cities above the earth and roam around in this world. O unblemished one! Once, every one thousand years, those cities will merge with one another and become one. O illustrious one! When they have merged, if a supreme among gods slays us with a single arrow, let that be the means of our death.”
THIS is probably one place where evil people have come from. When the three cities were destroyed, their entire race that resided there were obliterated. Because their karmas were unresolved (ego and greedy are several base human characteristics that prevent one from leaving the cycle of death and rebirth), they MIGHT have rebirthed on earth in human form. Now, consider the following later in the chapter:
"There were no heroes to rival them and the foremost among danavas went and united with them, in tens of millions. They sought refuge in those three inaccessible cities, desiring great wealth. When they were thus united, Maya gave them everything they wanted. Resorting to him, all of them lived there, without any fear. If any resident of the three cities desired anything in his mind, using his powers of illusion, Maya immediately satisfied that wish. Tarakaksha had an immensely strong son named Hari. He went through supreme austerities and satisfied the grandfather. Having satisfied the god, he asked for a boon. “Let there be a lake in our city. When those killed with weapons are flung into it, let them emerge with life and greater strength.” Having obtained the boon, Tarakaksha’s brave son, Hari, constructed a lake there. O lord! It was capable of reviving the dead. In whatever form and in whatever attire a daitya was slain, once he was thrown there, he became alive in that form. Having obtained them back, those in Tripura began to oppress all the worlds."
...
‘ “‘Sharva346 strung the bow and affixed the arrow. He affixed the pashupata weapon and thought of Tripura. O king! Having stationed himself there, he angrily stretched his bow. At that point, the cities united and became one. The three cities united and became one and a tumultuous sound of delight arose among the great-souled gods. All the masses of gods, siddhas and supreme rishis became full of joy and uttered words of praise, signifying victory. Tripura manifested itself before the one who wanted to slay the asuras, the god whose form was indescribable and fierce and whose energy was intolerable. The illustrious one, the lord of the worlds, drew his celestial bow. The one who is the essence of the three worlds released the arrow towards Tripura. He consumed the large numbers of asuras and flung them into the western ocean. Thus, Tripura was burnt and the remaining danavas scorched by the angry Maheshvara for the welfare of the three worlds."
346 Shiva.
Now, because they were flung into the western ocean, I am ASSUMING that this means west of India in the ocean. Could this mean that such beings, having left their bodies, found access to bodies suited for them in Europe and the Middle East? Another thing is this modern man's quest for living forever in the same body - this could be a subconscious memory of that time in Tripura, where people were brought back to life and restored. Now we know who these demons are. They have lost sight of the fact that death and rebirth is how we live forever as SPIRITUAL BEINGS.
Not liking the Camera quality especially the one focused on Palki Ma'am.
Don't devolve to look like a traditional media with low quality videos...
Final Conclusion Gen Z is making fool of itself😊
my money,my rules..what’s the fuss lady !
😂 Filing taxes does not exist in Nigeria. I am 33 years old and I have never paid a dime as tax to my government 😂😂.
soft life 😂
Gen-Z thought voting for Biden was the golden ticket 😅
GenDu generation
Thank you bhai ye term btane ke liye 😂😂 Ab se yehi word use kr ke in Gen z bachho ko tease krunga 😂😂
Don't get marry if you are not earning 1 lakh per month. Other wise you see hell on earth
GenZ Girls aspirations are very high these days. Also don't marry a non-working girl. Always look for someone who is working or capable and ready to work in the future.
@@dm5665definitely, its difficult to run a household with just one working member anyway. Especially if you wanna have kids
Guilty of little luxuries 😅
Am sure its not the Indian GenZ story or for the matter any developing third world country story.
Its y😂ur man finance with karan
Happiness,in slavery!...
Gen z = 🤡
funded by OF earnings
Palki Sharma Upadhyay does the cheerharan of Millennials and gen Z now and then. It seems she enjoys it more than anything.
Why can't we blame government everytime instead of blaming genz because our education didn't teach us entrepreneurship but they teach you will live in this if you have job why? If the education system get improved this Genz will use this money for businesses😢
Stop blaming the govt for your own issues.
Your parents went through the same "low quality" education but "somehow" they made it through but this entitled generation addicted to emi lifestyle is now suddenly realising that the gravy train isn't going to last....and now seem to be panicking.
Grow the duck up.
we have internet. The source of information. this generation has access to financial education on their fingertips that older generations didn't have
@@janejustin1788 but do you think parents will give you Mobile when you are a child and do think we get any time while we in school for get information from internet? The education system of should add a entrepreneurship subject it is very important.
@@janejustin1788 normal school timings in India is 8.30 to 4.30 and after that a child have to attend tution classes there is no time
Is this happening in India? cause I'm telling you I'm gen z I don't spend shit on any of those things you've just mentioned. Its sad you've categorised every person in gen z to be that way kinda stupid actually. This is the western way of drawing a line so thin that on the other side its called racism and other discriminating stuff.
@@user-mx4bx3vo9rChutiya's are everywhere
@@user-mx4bx3vo9r Only the few not all lol. Don't just generalize. Let's talk about dating hardships instead. That is beneficial at least.
@@santos8146 Cope harder you looser generation Z, keep blaming everybody else and get doomed forever 😂😂😂
@santos8146 I am not interested in this generation's hook-up culture, Rather than wasting time on them, I would prefer watching shaun the sheep. I wrote "Some" not "Everyone", Even I am GenZ but not everyone is same, I know.
😂😂😂🤣🤣
GST TAXATION THANK YOU FOR BJP ❤❤❤
Earlier, there was VAT.
Dumb0🤡
There's no future for them, so go ahead and spend 😂
What is your problem 😂
🤣🤣😂😂... OK boomer.
If there are no hope 🌟 then what is the point of saving 🐖! I understand why Gen Z are doing what Gen Z are doing … Sigh 😮💨
Lol gen z is 🔩
I guess i am not fitting in this generation in any ways😂
But fact is living in Now is okay till certain point. Cause I know people who worked all their life in Corporates and make good money but they cant afford 2bhk in south Bombay ( its their dream) its like all the properties are owned by our parents genaration 😂 and they are renting it out to gen Z...