Millennial money management

Business Daily

BBC

News, Business

4.4 • 796 Ratings

🗓️ 31 December 2020

⏱️ 19 minutes

🔗️ Recording | iTunes | RSS

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Summary

What are the realities and responsibilities of young people when it comes to financial planning in a pandemic? Elizabeth Hotson talks to millennials who are trying to manage their money in one of the toughest economic periods since the financial crisis. We hear from Gaby Dunn, host of the Bad with Money podcast; journalist Ebony-Renee Baker who’s planning for herself and her family and Nick Hatter, a life coach who says younger people are far more fiscally responsible than they’re given credit for. Producers: Elizabeth Hotson and Sarah Treanor (Picture of cash via Getty Images).

Transcript

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0:00.0	I'm Elizabeth Hotson and in today's Business Daily, I'll be looking at the realities
0:07.3	and responsibilities of young people when it comes to financial planning in a pandemic.
0:13.0	I can see, and I know when my friends are like, I'm just going to get a little bit of help for my
0:17.9	parents. And it's like, I wish I could get that. But if I'm out of money, I'm not eating. I'm not paying rent. It's just more of a tight rope.
0:27.2	And why trying to get your finances in order isn't as straightforward as it sounds.
0:34.1	Money stuff on top of that is also a full-time job.
0:37.7	It's sitting on the phone.
0:38.7	It's looking at documents.
0:39.7	It's all these things.
0:40.7	And I kind of had to turn that into my job in order to really be able to, like, devote the time to it.
0:47.4	Because it is overwhelming.
0:49.5	This is Business Daily from the BBC.
1:03.2	The millennial generation.
1:10.7	Those now in their late 20s to around the age of 40, lazy, spoiled, avocado on toast eating, Instagram obsessed and over-educated, reliant on the bank of mum and dad, long into adulthood and bad with money.
1:18.2	Well, that's what some commentators like to claim.
1:25.2	But 2020 has thrown into sharp relief just how important money management is for every generation.
1:32.9	With job insecurity hitting those who previously had stable employment and coronavirus wreaking havoc on well-laid plans.
1:41.2	Looking back on a year like no other, we wanted to hear from some people about just how they have viewed their own financial plans. Looking back on a year like no other, we wanted to hear from some people about just how
1:46.0	they have viewed their own financial planning. My full name is Ebony Renee Baker and I'm a freelance
1:52.3	journalist. As a millennial growing up in the society we live in and being a journalist particularly,
2:00.4	seeing the same narratives over and over about millennials being cheap and being frivolous with their money and relying on their parents. The bank of mom and dad is something that you see a lot in media. And it was just a bit frustrating because it's like that isn't the reality for a lot of us.
2:18.9	I didn't grow up wealthy. I lived in a suburb outside of Toronto in Canada. And a lot of my
	...

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