Finding fulfilment: (Clockwise from top left) Amirul, Davasagayam, Bernard and Lee seek to live life with an adequate balance of work, play and family time.
Youth seek financial security without sacrificing all their time
PETALING JAYA: Contrary to the stereotype of being entitled and unwilling to work hard, the youth of Generation Z are charting their future with determination and independence in their own way.
With little expectations of inheritance or parental support, they are keen to take control of their financial growth with far-sighted strategies to build a nest egg.
However, unlike those from earlier generations who spent little time on leisure and believed in toiling for financial security, at times taking up two jobs, Gen Z youth – those born between 1997 and 2012 – are seeing life from a different perspective.
Comprising a large fraction of the current young workforce, they desire a life with an adequate balance of work and play.
Office executive Amirul Izzat Gazmi, 26, said he has been setting aside part of his salary towards a downpayment for a house he wants to purchase in three years’ time.
Married less than a year ago with his first child on the way, Amirul said he and his wife, who also works, had chosen to share a car for their travels to meet their goal of owning a house.
Amirul, who works for an insurance company, said since current average wages do not match the true cost of living, he and his wife would need to be frugal.
Asked if he would consider taking up a second job to supplement the household income, he said he chose not to as he values “family time”.
“Of course, there is a desire for more money and even some luxury, but I value my family more.
“What is the point of slogging away all our lives for our family when we cannot spend time with them?
“We’d rather save money by driving a cheaper car or holidaying domestically. At least we will be together more often.
“Above all, our priority is having good food and not worrying about its cost,” Amirul added.
Angelin Mary Arul Davasagayam, who recently enrolled at a public university in Penang, said she plans to grow her finances through investments in modern-day assets and ventures such as cryptocurrency and e-commerce upon graduation.
“Having been raised in a generation of advanced technologies and gaining investment knowledge through platforms like TikTok and Instagram, we are primed with a more financially aware mindset.
“We believe we can find our way to wealth on our own without relying on handouts,” said the 20-year-old, who is pursuing a degree in green technology.
She said while she was prepared to tough it out and work towards her goals, she hopes to be able to take time off regularly for holidays and hobbies.
Amanda Lee, 24, who recently graduated from college and landed her first job in content marketing for a skincare company, said while she seeks a work-life balance, she is aware that having enough savings is essential for a comfortable life.
“I have quite an expensive lifestyle and need to work hard to fulfil my needs. At the end of the day, money does make one happy.
“Inheritance may not last forever and it is important to build our own wealth,” she said.
Lee said she plans to grow her wealth by investing in real estate and spending minimally on vehicles.
“I am not a car person and having a basic car to get around is good enough for me.” she said.
Zechariah Bernard, a 20-year-old law student of a private college here, said while he stands to inherit his parent’s assets in the future, his self-esteem spurs him to earn his own wealth.
Aspiring to be a successful lawyer, he said he also plans to venture into a business for financial growth.
“There is no pride in getting rich through inheritance. I plan to work hard as a lawyer and run a business to be financially secure and fulfil my material desires, but not at the expense of forgoing leisure time, which is a must for one to stay sane.
“Being able to do this would be very gratifying for me and I believe it will also make my parents proud,” he said.
