The same philosophy does not have an autonomy that belongs to the millennial generation, but an employee who has the same age.
Differences between professionals
Livetopic, one of the Fintech that is dedicated to financial advice, considers that according to the professional profile is saved in a “different” way.
There are some studies like the report of the generation Z developed by Rave Reviews that explain in detail how they save this worker profile.
In recent times we have usually read that the savings rate in Spain is falling to dangerous levels. In fact, it is approaching its historical minimum. As can be seen in the Eurostat data, it fell to 4.9%, making it the least saved country in the whole old continent, behind only Portugal.
The volume of expenditure of Spanish families is over 741,000 million euros, according to the latest data. This is about 8,000 million euros more than what they received as income.
However, not all people save the same. It influences the type of dedication and the generation to which they belong. For example, a self-employed person who belongs to the millennial generation does not have the same philosophy as an employee who has the same age. There are nuances.
“We should not confuse savers with stingy people”
Thus, Livetopic, one of the Fintech that is dedicated to financial advice, considers that according to the professional profile is saved in a “different” way. In the same way there are some studies like the report of the generation Z developed by Rave Reviews that explain in detail how they save this worker profile.
Self-employed workers with experience behind their backs have four common mistakes when it comes to saving: First, they prioritize the survival of the business against personal financial objectives.
Also, they allocate the savings money to finance the business, borrow without control, not protect themselves against unforeseen events as possible disabilities.
What can be the alternatives? From Self Bank recommend maintaining an emergency fund for contingencies, develop a forecast of income and expenses that fits the reality and make us not borrow more than the account, or contribute to a pension plan periodically.
Flickr / State Farm
As the report explains how Generation Z is facing its fears, the self-employed who belong to this generation have a basic problem. And is that 40% spend more than they enter or choose to borrow to maintain their status. In the long term that generates a mess in your budget.
In this way, the experts of the financial institution maintain that the best option they have to improve this savings capacity is that they commit themselves and that they develop “adequate financial planning”. Put yourself in the shoes of an accountant and draw up a sheet of income and fixed expenses. From there build the accounts and draw a goal.
Autonomous Generation Z
The aforementioned report reveals that 89% of centennials feel empowered “if they plan their financial future”. In this sense, many of them resort to the information that is poured in a massive way on the internet. Something that is generally quite detrimental to their savings in the long term, because in the networks there is an excess of noise.
Therefore, from Self Bank recommend making a special dedication “to compare” and not trust the first thing you see. Going to a professional, likewise, is another quite valid alternative.