Planning financial goals prudently can be an answer to the gripping anxiety over the risk of your wallet getting dried out. For this reason, making financial plans and goals is important.
By
Maria Paschalia Judith Justiari
·3 minutes read
Kompas/Raditya Helabumi
Illustration. A student participant takes part in a series of capital market investment game competitions held by the Financial Services Authority and the Indonesia Stock Exchange at the Indonesia Stock Exchange Building, Jakarta, Monday (21/8/2017). Due to the pandemic, young people are able to make financial plans and goals.
Digging deep into their wallets during the COVID-19 pandemic, young people are concerned over how long they can financially support themselves through the prolonged health crisis.
Planning financial goals prudently can be an answer to the gripping anxiety over the risk of your wallet getting dried out. For this reason, making financial plans and goals is important.
“In principle, it is important for someone to have a financial goal for any situation. And now it is becoming more pressing because we will never know how long we will be able to work or how stable our income can be. Consequently, we must be more anticipative and careful [in managing our finances]," Felicia Putri Tjiasaka, a cofounder of Money Livestock, said when contacted on Wednesday (18/8/2021).
The financial planner and CEO of ZAP Finance, Prita Hapsari Ghozie, said making financial goals would enable someone to build more assets compared to those who don\'t because they could be more committed to increasing their investment.
The arrangement of financial objectives provide direction in managing finances.
"Committing to financial goals, a person can achieve financial independence, prosperity and a happier life," she said.
Gatherich founder Ken Handersen believes that financial plans are important for students and young workers so they can increase their funds and avoid running out of savings.
Given their financial management pattern, students and young workers are urged to find effective strategies to achieve financial goals.
Kompas/Priyombodo
A mutual fund investment company through the Tanam Duit application in the 2019 Indonesia Fintech Summit Expo at the Jakarta Convention Center, Central Jakarta, Monday (23/9/2019). In the midst of a pandemic, students can still practice saving and investing by paying attention to their respective financial profiles.
Financial goals
Students are encouraged to set up financial goals as early as university, with Prita seeing it important for them to take into account their financial sources, either from parents or their own venture. She said it was necessary to draw up the priority of goals, calculate the need of their invested funds and create a timeline for their achievements.
Ken underlined the need for young workers set aside six times the amount of their monthly expenses. He also suggested young workers build skills by taking online courses, learning from books or engaging in the financial community, which could serve as a reference on strategies to achieve their financial goals. Strategies were said to be imperative to respond to the contemporary conditions.
The Organization for Economic Cooperation and Development (OECD), in its report titled "Young People\'s Concerns During COVID-19: Results From Risks That Matter 2020" published in July, states that 36 percent of young people aged 18 to 29 years experienced financial difficulties due to the COVID-19 pandemic.
As many as 63 percent of young respondents expressed their worries about their financial security.
About one out of five young households tapped into their savings or sold assets to help pay for their expenses, such as rent, property loans, electricity bills and credit cards.
One in 10 young households even had to turn to families or friends to help them cover their expenses. As many as 63 percent of young respondents expressed their worries about their financial security.
More detailed financial strategies can be learned from the three news sources at Kompasfest on Aug. 20-21.
