Were millennials led up the garden path?

Millennials are now old! Those born around 1981 are about to hit 40 in a couple of years; and that’s the age they thought they will retire! Of course, none of them, except for those in movies or sports, can be serious about retirement. Well... at least not in a while, unless they have inherited a house (most of them have) and have done well with their Employee Stock Ownership Plan (ESOP) or are about to inherit their parents’ ESOP. A caveat: Parents are likely to live till 100 years; so guys, don’t count your chickens YET.

The millennial is often blamed for not being committed, not taking care of their health, too much partying, not saving or investing enough. Hello, wait! Don’t be in a hurry to point fingers. I know enough millennials who have been led to poor investing by their PARENTS! My generation is what I am talking about. Advices like “Invest in endowment plans” or “Your money is safe in SBI ULIP or UTI mutual funds because they are PSU funds/ insurance companies”. Lol! Idiots of our generation have continued to give idiotic advices. If you are a millennial, please note that this could be the WORST INVESTMENT advice you have received. 

I will not be quick to criticise millennials or compare them unfavourably to older generations. I find smart and brilliant people in each generation. Many of them are far more sensible than their parents. After all, each generation confronts its own challenges and difficulties. Both my grandfathers thought it was their right to pay (and get) dowry, my father didn’t. I shared my wedding expenses with my father-in-law; it was almost unheard of in our community, but it’s a norm now. So, it’s unfair to judge one generation’s choices based on what the previous generation did. WE stood in queues for ration and milk. My daughter can’t imagine that.

How any generation turns out depends on two factors: the unique set of circumstances they face and their upbringing by the previous generation. We were told that real estate CAN never go down, brokers were thieves, bankers never lied, and return on investment in education was INFINITE. You know how things have changed, do you not?

We grew up in a world of relative security and increasing prosperity. We of course claim that to be our contribution to the world. It is not. It is plain luck. Millennials are growing up watching attacks by the world’s biggest terrorist groups. Islamic terrorists or USA — depending on your point of view. Government pensions have vanished, and NPS is underperforming. WE SAW equity give us fabulous returns, real estate booming and building the kitty of the mortgage companies.

Today, the millennial is wondering whether it is worth educating himself or herself by paying a king’s ransom. Honestly, I do not know whether it is worth spending `3 crore for an MBA from the USA. In the USA, the kids are talking of a lost decade, and in India, it is half a decade that is lost as of now.

Talk about the stress the kids go through! If you had a house that you thought was worth `2 crore in Pallava (60 km from Mumbai), it is worth half of that because it was hit by a flood! They saw the impact of a dramatic decline in value of properties touted by the previous generation as one of the safest investments. They also saw the collapse of major companies like Enron, Lehman Brothers, Countrywide, Satyam, ADAG, the list is endless. Soch lo! Think again before you blame the kids. We have led them up the garden path. Shame on us... Us!