Just this morning, China slapped retaliatory tariffs on certain US goods. Although they were not as damaging as the ones imposed by the US, we all know it is a warning.
The worst case scenario here will be for the US to hit back with another silly and unnecessary tariff action. With this tension about a potential full scale trade war happening, markets are dragged and everyone is on edge.
With my current counters already running red and not having made a recovery from the recent correction, i am frustrated and apprehensive about what is to come. And with that i zoned out for a good half an hour thinking about my current and future financial worries, which i am sure is aligned with the most Millennials in our little red dot.
As my parents are unemployed, i am currently paying for my monthly phone bills and expenses with my NS allowance. Since enlistment, i have also been hung up on saving money as my university fees will amount to about $50,000, not to mention the daily expenses i expect to incur there.
Going down the line, my pecuniary troubles and worries include the impending GST and Tax hike. This means that Singapore will only be more expensive to live in, and I’m sure we will continue to top the charts of the ‘World’s Most Expensive City to Live In” ranking. Ha. Ha. Ha.
As i plan to apply for a BTO flat in my third year of university, i do also have to worry about the down-payment etc. Of course, one of my largest concern is with regards to being able to find an appropriate job upon graduating from university.
In the form of a checklist, these are my financial concerns, and i reckon that most Millennials in our country have more or less the same uneasy feeling. We are afraid and we are anxious about the future. That is why i hope to prepare myself by being more financially literate and independent.
- Daily Expenses
- Phone Bills
- University Tuition Fees
- BTO Flat
- Volatile Stock Market
- Job Securing upon Graduation
I have left out the typical wants and desires of us Millennials such as fundings for holiday trips, sedan car, etc.
Understandably, different individuals have different worries. But i believe that these are the main shared concerns for Millennials, especially those belonging to my age group.
What do you think?