Business

The FSC reflects what young people think about the profession

New Zealanders between the ages of 18 and 39 are struggling to become the “lost generation”, with many expected to head abroad for high -paying jobs and lower prices. life when our borders are opened again.

Friday, April 14th 2022, 7:20 AM

and Jenni McManus

That’s one of the main points taken from a study released by the Financial Services Council (FSC) that found people aged 18-39 are more afraid of wage stagnation than groups. another year and New Zealand is small or unreliable. the economy will improve over the next 12 months.

Of those aged 18-39, only 39% own their own homes, with 61% renting. In addition to the wage stagnation that concerns 68% of respondents, their main concern is inflation, housing prices and interest rates. About 50% received financial assistance from the “bank of mum and dad” to buy a property and their savings were low: half could earn $ 5000 in one week in a crisis.

Laurie Kubiak, director of Trustees & Executors who helped support the research, said the disease had exacerbated the problem this age group because they had to “find a way to pay for it. to the government credit card ”. It is a stone placed on the backs of young people, said Kubiak, and it is easier to travel abroad.

The outbreak showed New Zealand’s reliance on the move to supply water to the labor market, he said. “I don’t think in years the sun will come on the beach.”

The increase and its contribution to the cost of living is a major concern in the financial services industry, including lower wages, depletion of savings and the need to rely on parents for financial support. said Kubiak. He noted that New Zealanders under the age of 50 did not see a high level of growth.

On the economic side, 43% of 18-39 year olds are young and do not trust the current environment; Only 20% say they trust it. Looking over the next 12 months, 47% say they believe the industry will slow down or agree and 26% expect it to grow.

FSC chief executive Richard Klipin said the past two years have been “very good” for the economy, in terms of investment, but a lack of confidence is beginning. “Raising money is something that has nothing to do with this generation,” he said. There are signs in Australia that the work is starting to move “and I can see the early stages of it starting to work. [here]. ”

Klipin said for each 18-39 years, things weren’t too difficult. “I think the challenge for all of us in this area – creating products and services, providing guidance and advice, providing research and knowledge – is how we can help people. New Zealanders understand this, how can we help. [them] solve any of these problems for the fourth major [inflation, wage stagnation, interest rates and house process] It’s a collection of things that will affect New Zealand’s expectations over the next 18 months to two years. Money won’t be reprinted, it won’t be easy every now and then.

“So learning to live with a wide variety of macro types is going to be an important challenge and one that makes the financial services industry work so much.”

The review, The Lost Generation, explores the topics of Generation Rent, a piece of research released by FSC last August. A key finding of the survey was that 90% of respondents from all age groups believed that young people were locked out of the stock market. But Generation Rent also knows a lot about money: 60% have investments of between $ 1,000 and $ 150,000 (with KiwiSaver but not the property).

Words: economy

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The FSC reflects what young people think about the profession

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