Whenever I see an article or news story that start with, “Millennials are”, I cringe as they blame us for yet another shift in culture or in the economy. While millennials include anyone born between 1981 and 1996 (22-37 years old), it seems as though they’re referring to those who are on the younger end of the spectrum. Haven’t said that, there’s one particular area in which I believe all millennials are slacking: saving for retirement.

With technology at their fingertips, a purchase is only a simple and tempting click away. While a few use their credit cards wisely, a large number of people are over their heads with credit card spending, which ends up being a headache of a problem for us – been there!

We use our credit cards for everything, and I think we can partially blame FOMO (Fear Of Missing Out) – nobody wants to miss that party, that event or that concert. But at what cost? How much are you spending? Are you saving anything at all from your pay cheque? Simply put, millennials aren’t saving money as they should be, and we’re walking down a dangerous financial road. To be honest, I’ve been there, and if I could go back, I’d save – all I ask is that you learn from me.

Before touching on retirement planning, I must address the fact that most don’t even have an emergency or rainy-day fund. This is an absolute must-have – ideally 6 months-worth of your salary, or at lease saving at east 3 months-worth of your expenses. If an unexpected emergency were to happen, you won’t have to swipe your credit card to cover it.

Save your YOLO (You Only Live Once) for when you’re living off your years of hard work and savings, enjoying the good life in retirement. It may seem far away, but it will creep up on your before you realize, and I wouldn’t want you to be in a position where you’d be wishing you could go back and save.

With millennials set to have the biggest retirement burden for many generations it is imperative we begin to save regularly and earlier. It is an incredible challenge to put aside money each month and set personal financial goals especially when rent and the cost of living are high. Financial goals are often slow burners rather than quick wins but a qualified advisor will put you on the right path and ensure you have the funds to enjoy life to the full…now and tomorrow.