Chachanomics Money Talks

  Chachanomics Money Talks: Financial Tips for Millennials Though the habit of saving and investing is key in mastering your money, there is a worrying concern about Millennials (who comprise the youthful population) with no savings or investments to talk about. This is a pointer to a devastating underlying personal financial problem which calls for urgent redress. 3 Critical Questions 1. What does the term Millennials imply? 2. What are some of the common traits of this demographic group? 3. What kind of financial tips best suits this group? 1. What does the term Millennials mean? Various definitions have been advanced about this demographic cohort or youthful group. Some sources indicate that Millennials comprise people who were born in early 1980s and early 2000s (meaning people currently in their 20s and 30s). This categorisation omits those born later on. Generally, Millennials can be conceptualized the youth ranging from 18 to 35 years. This classification makes it easier to iden

 Saving Versus Investment: How Similar or Different Are They? Although the habit of saving is crucial in mastering your money and attaining financial freedom, many people either take it for granted or don't know how to save (if the messages from employees and owners of SMEs unable to save I've been receiving are anything to go by). With the proliferation of digital money lending apps, it has become easier to borrow money than to save. The lack of a saving plan and inability to save cash are common personal financial problems. The statistics about Kenya's poor saving culture and habit of borrowing for consumption point to a bigger financial problem. In July, 2021, financial analysis by EFG Hermes showed that Kenyans are among the poorest savers in East Africa at a rate of 12% below the continent's average of 17%. Many people retire without a robust safety nest or reliable passive income from income generating assets.  Causes of poor saving culture 1. Consumer driven cult