Money matters. Or does it really? Outlook Money brings to you this series through which we explored the under 35's take on money matters. Every generation has its share of distinct events that later gets recounted. Those from the early 1990s India had consumer durables as their object of desire. By the end of that decade and turn of the millennium, fancy cars had taken that place. Gen Z has grown up in a time of rapid change, giving them a set of priorities and expectations sharply different from previous generations. Demographically speaking, those under 25 comprise 50 million of India’s population. This is more than that of the total population of Brazil, Russia, Germany and Canada combined. Being personal finance specialists, it was only natural that we at Outlook Money got curious to investigate what Gen Z thinks about money.
Dreams come true and money will follow
Even as a child Reena knew that she wanted to be a doctor. Today, since she has achieved her childhood dream, Reena is more than content with her profession. “When I cure a child of an illness, I see the relief in the eyes of the parents and that gives me the entire boost I need,” she says.
“My grandfather wanted me to be a doctor. I was rather close to him.” Over 10 years ago when he was diagnosed with cancer, she had a tough time dealing with the situation. That was probably when she resolved herself to become a doctor at any cost.
Though she was oriented towards surgery at the beginning, her interest shifted to paediatrics over the course of time. Today she is pursuing her post graduation in paediatrics and is a Junior Resident at Kalawati Saran Children’s hospital. “I belong to a business family and we consider money crucially important”, she says. Her salary gets spent for her hostel accommodation, tax, and other regular expenses. Apart from this she spends Rs 13,000 on the EMI that she's paying for her car, Honda Brio. She loves shopping and considers herself a seasonal shopaholic who goes on shopping sprees every 2 or 3 months.
She is a single child to her parents and as of now, has no dependents. Even though her parents stay in Delhi NCR itself, for the sake of convenience, she prefers to stay at hostel. Also, belonging to a joint family, she prefers her current way of living as most suitable for her studies.
She is considering buying a flat. As it is easy to get a loan for a flat, it helps her create an asset while saving tax at the same time.
Marriage is on the cards for this doctor. She and her boyfriend, who is also a doctor, have told their families about their interest in each other. Post the completion of their studies this year, the two are planning to tie the knot. She dreams of travelling round the globe with her significant other.
