Default News template and player embed

MANILA - For the millennials, passion and making a difference are often more important than money. But can following their passion pay the bills?

"One thing I've been seeing, a lot of millennials right now, money is not their number one reason. it's very different from our time, against them. We would always consider money, but a lot of them now, I don't know if they are really meaning what they say, but a lot of them are saying that money is important but it's not the number one thing, it's like a secondary thing," registered financial planner Randell Tiongson told ANC.

"To this generation, there's a lot of emphasis on passion, there's a lot of emphasis on making a difference. A lot of them want to have some form of a leadership role. They're very positive oriented, and I think they are frustrated with what's happening and they want change," he also said.

 

Topic: How Your Career Status Can Impact Your FinancesResource Speaker: Randell Tiongson, Registered Financial Planner

Posted by ANC OnTheMoney on Wednesday, April 6, 2016

According to Tiongson, younger people can now follow their passions without having to worry about money because of more employment opportunities.

"Number one, the economy is much bigger today, so there are a lot of choices today. When I graduated, there are only three options. Either you work for a bank, either you work for a pharma(ceutical) company, or your work for PAGCOR (Philippine Amusement and Gaming Corporation). Three options," he said.

However, millennials also have to understand the importance of money.

"But in the real world, money is important, you want to be able to earn a living. After a while you realize that passion alone cannot bring you to your next destination," Tiongson said.

 

Topic: How Your Career Status Can Impact Your FinancesResource Speaker: Randell Tiongson, Registered Financial Planner

Posted by ANC OnTheMoney on Wednesday, April 6, 2016

He added that some of the younger people also have different priorities, spending their money on things they cannot afford before.

"A lot of the younger ones now are really looking for things, to be able to afford things that they cannot normally afford as students," Tiongson explained.

 

Topic: How Your Career Status Can Impact Your FinancesResource Speaker: Randell Tiongson, Registered Financial Planner

Posted by ANC OnTheMoney on Wednesday, April 6, 2016

Unfortunately, some of these young employees sometimes get buried in debt because of their lifestyle, with only some opting to know more about financial literacy.

"There's a segment of that market who are becoming to be financially literate. These are the people we interact with," Tiongson said.

"The majority are still there, very consumer-driven. Their financial literacy, financial goals are not yet in the priority, despite being in the workplace for about five to ten years," he added.

 

Topic: How Your Career Status Can Impact Your FinancesResource Speaker: Randell Tiongson, Registered Financial Planner

Posted by ANC OnTheMoney on Wednesday, April 6, 2016

By being more careful with their finances, millennials can get a grip of their finances even with their lifestyle.

"It's so corny because we've been doing it, saying it a lot of times...money management, basic money management, learning how to understand needs and wants. These are the things that needs for them to understand. You can either learn it the hard way, and that's the time they realize that they need to do these things, or somebody was able to reach to them,"Tiongson said.

"You can learn from your mistakes, or you can learn from other people's mistakes," he added.