Highlights
- Millennials are one of the most affected by the financial crisis brought by the pandemic
- Gig economy or using your soft skills as a means to earn extra money
- You can start investing as low as 50 dollars to build a more financial secure future
After the Jobkeeper payment had been lifted by the Australian government, millions of individuals are at risk of being unemployed during this pandemic. However, the generation Y and millennials are one of the most affected by this ongoing financial turmoil.
Michelle Baltazar, an award winning financial journalist and editor in chief of Money Magazine and Australian Filipina Magazine shares her insights with regard to this issue.
Millennials have a different outlook on work. Having a different lifestlye compared to other generations, millennials are more leaning to value based work. Most of the millennials are working in non-key management positions, hospitality and tourism - the first in line to be cut off during the pandemic.
Michelle however advises three key points to help millennials overcome their financial struggles.
Investing in gig economy is one of the trends right now. A lot of millennials have been using their soft skills to earn extra money. These are freelancing, mobile friendly and mostly internet based work.
Another is using their superannuation's emergency withdrawal scheme, which is up to 10,000 dollars, which can be withdrawn anytime. Michelle however does no encourage this unless it is necessary.
Lastly, she advises to seek financial counselling, particularly from Financial Counselling Australia. The institution offers free financial advice that can help you plan your spending. They also offer mental health counselling services.
From overcoming the current financial struggles, Michelle advises people to look into investing. She said that as low as 50 dollars, an individual can begin stock trading.
Compound interest is a powerful financial futureproofing concept. Investing some money and letting them earn in interest for a certain amount of time is as if earning without working for it.
She however advises people to be aware of scams for they are even more prominent during these challenging times. On the bright side, she gladly tells people to be hopeful by saying "Basta gising, it's another blessing. Stay positive and be grateful."
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