scorecardresearchExperiences hold more importance than money for young adults, says Ishika Verma

Experiences hold more importance than money for young adults, says Ishika Verma

Updated: 02 Oct 2022, 10:08 AM IST
TL;DR.
In order to comprehend what money means to today's youth in a growing world, this series explores students and young working professionals and their perspectives on money and finance.
Experiences hold more importance than money for young adults, says Ishika Verma.

Experiences hold more importance than money for young adults, says Ishika Verma.

Generation Z, which will soon be the most numerous and diverse generation in history, is responsible for shaping the workplace of the future. The newest workers are coming into the workforce with a list of demands and the will to make them a reality. Old social contracts between employers and employees are being changed by Gen Z's entry into the workforce because they have different expectations for the atmosphere, culture, and support at work. They have different definition for everything, from life and work to saving and earning.

In this series, we aim to collect the views of students and young working professionals on investing and finance. Ishika Verma, an Associate Project Specialist at Sanofi tells MintGenie in an interview about how she believes that stock market is a great way of earning some extra money if the decisions of investment are taken responsibly and with proper knowledge about the market and trends. She completed her bachelor's degree in economics with a minor in psychology from the University of Delhi and intends to further improve her skills in order to seek a career in consulting and business analytics.

Edited Excerpts:

What does money mean to you? Is it the most important factor when it comes to your life decisions like what to study, career and so forth?

Money is nothing but a support a person needs in life to carry out basic activities on an everyday basis. I firmly believe that money is not the only factor which should be an aim for people especially young adults as this is our time to grow and learn new experiences and things which hold much more importance than the amount of money we make at the end of a month.

I am a true believer that if a person wants to pursue a particular profession or course, money should not be the factor which should surround their decision as then it’s not something you’re doing for own satisfaction or passion and eventually it would not solve the purpose you believed it would.

What do you spend your money on every month at the moment? Can you give a breakup in percentage terms?

For now, I am working from home and because of which I do not have to spend a lot of my salary on travelling or office outfits. I usually spend my money on buying gifts for my loved ones as I really enjoy doing that, and definitely on food. In crisp, I would say that 60 percent of my salary is saved and the rest 40 percent goes on doing other things which gives me happiness.

What are the things you want to spend money on?

I certainly don’t spend much for now, but in future I would definitely want to invest more than spending my money for my own financial security.

Do you save money? If yes, how frequently and what do you do with this money?

Yes, I do believe a lot in saving the money and use it later when it is actually needed. I believe most of us spend a lot of our money on things which are of no use in particular, even I have learned to save money the hard way.

What does having a job mean to you? What are the top two factors you will want to think about when deciding a company to work for?

A job for me means financial independence and to have an individuality. As a job can provide both of these to a person. The factors I keep in mind before choosing a job is growth prospects if the job aligns with my skillset and personality and the most important work-life balance.

What do you think about investing your money? If you have a certain amount of money set aside, will you want to invest it in the stock market, mutual funds, or do you just keep it in your bank savings account?

Yes, I truly believe that stock market is a great way of earning some extra money if the decisions of investment are taken responsibly and with proper knowledge about the market and trends. I would want to invest in stocks soon but before that I need to be more well-equipped with the fundamentals of the market.

Do you think you have an understanding on how to save and invest? If yes, how did you learn? If not, are you trying to learn?

I do believe that I have basic knowledge about investing which I learned during my internship with MintGenie, but definitely I can brush up my knowledge a little more before actually investing in the market.

Do you follow social media influencers and follow their investment advice?

No, I am self-aware about the thought that the social media influencers get paid for advertising a certain app or technique which is part of their work. I only use social media for entertainment and do not follow any investment advice given on the internet.

Do you talk to your mother or your father about money and learn from them or follow their advice?

Yes, I do have various conversation with my parents about money saving and what is the efficient way of saving your hard-earned money from a very young age as saving is a habit everyone should evolve from a young age itself.

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First Published: 02 Oct 2022, 10:08 AM IST