Yolo. Fomo. You Only Live Once. Fear Of Missing Out. These are life mottoes that have become entrenched in modern culture and are often used as hashtags on social media. However, when it comes to personal finances, Yolo and Fomo are not the way to go.
“Enjoy your money, you only live once” came in as the lowest recommendation for younger selves across the board. Across all life stages, the two uppermost financial concerns are making ends meet and paying off debt.Only 10.3% of those surveyed in the 18-24 age bracket have a retirement product; with only 17.6% in the 25-29 age group having a retirement product.
Greta Goosen, head of customer experience at MiWay Insurance, says if you’re currently paying off a car, a house or a loan, it’s important to settle your debt as soon as possible. “So, if you’re in a financial position to do so, allocate more than just the minimum monthly instalment so you can make your ‘goodbye-to-debt’ a quick one,” she advises.
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