One woman feels anxious about her saving habits, and worried if she is doing enough to set herself up for a successful future.
On this week’s segment of ‘So You Think You’re An Adult’, a letter writer feels she is falling behind in life when compared to her peers.
“I'm hoping you can ease my anxiety when it comes to saving,” she said.
“I'm 24, and I've been working in my big girl job for the past six months.
“The first few paychecks I naturally treated myself and spent the majority on clothes and socializing – but over the past three months I've been trying to make an effort to save a set amount of every pay day.
“I've been feeling good about this tactic, but TikTok has started to make me feel otherwise, with other 20 somethings popping up on my timeline saying they've saved 30 grand.
"I feel so behind and incredibly disheartened.
“It also doesn't help that my parents remind me regularly they bought their first house in their early 20s.
“How much is a normal amount to save these days? Is there even any point in saving anything at all with the cost of everything in the current climate? What are your thoughts?”
A tale as old as time
TV personality Declan Buckley said this is a situation many people find themselves in.
“Regardless about the reference to TikTok, I think this is not a new scenario,” he said.
“I think I remember being at a certain point in my youth going – ‘when am I going to get real? When am I going to get serious? When am I going to start a pension? When am I going to be like an adult in the world accumulating a bit of wealth?
“Some people get a little bit of a leg up because their mammies and their daddies throw them a cheque, or a few bob, or a house in the west of Ireland.”
The housing crisis
Declan said it is important not to compare yourself to others – especially previous generations, given how much the market has changed over the years.
“Getting on the property ladder in 2024 is not like it was when I got on the property ladder – never mind my parents' generation," he said.
“We're talking about different supply, different prices, different proportion of that cost to what people are earning – all those things are different.”
Enjoy life
Actress Barbara Scully said that the woman should have fun with her money while she has the opportunity.
“This young woman is 24 – life is for living when you’re 24,” she said.
“Don’t be worrying too much.
“You’re in your first job – go on a nice holiday, do a bit of travelling, and everything will hopefully fall into place.”
Barbara said that while the woman’s worries about the cost of housing in particular were valid given the current state of the market, comparing herself to others would be of no use.
Listen back here:
