Planning for the Future
Flash forward to 40 years from now. Are you working? Retired? Sitting on a beach enjoying your post-career life? While the later would definitely be ideal and is probably what most of us envision, the reality is quite different, especially with today’s largest generation. Not only do Millennials want to see, do, taste and experience it all now, they want it all years from now too. And they can – assuming they make the right financial plans for their future, starting today.
It can be said that some Millennials are more likely to focus on saving for the next big concert or this month’s rent. This is quite a 180 from the Baby Boomer days where saving for retirement was top of mind. Why the change? It’s very easy in today’s age to get caught up in life experiences and avoiding a case of FOMO amongst friends. Even if that means draining the piggy bank to be able to go on that last minute vacation or sit front row at a concert. That’s not to say that life experiences aren’t valuable or important for self-growth, but with so much happening at all times, it’s easy for a Millennials’ wallet to be tempted into unnecessary spending. The struggle and pressure to dive into a career (or just find a job, for that matter), makes it easy to forget what may or may not happen 40 years from now.
The Government of Ontario has stepped in to remind the Millennial generation that their future is important, and they should start thinking and planning for it. The ORPP (Ontario Retirement Pension Plan) recently launched a campaign video series in an attempt to remind today’s generation of the importance of tomorrow. To make it both entertaining and insightful, a Millennial with a specific talent (varying from gaming master, YouTube sensation to radio star) is paired with a recently retired adult. The Millennial shares their talent in exchange for words of wisdom and advice on how to save your pennies.
There’s no age restriction on having fun but there can be one on your spending. Learning to balance life with finances early on will only add to the years of enjoyment ahead.
Check out the Government of Ontario page here to watch the three videos!