Our Survey Reveals How Money Management Is A Problem For Young People To Own A House

Ilustrasi (Ilham Amin / VOI)

Continued article from VOI's signature Series Writing, "When Was the Board Established?". In the article "Board Problems for Future Generations", we discussed how future generations' dream of owning a home is getting harder to pursue. Lifestyle is a factor. Through this article, we will explore the matter.

What if we said, your coffee, your travels, and your other lifestyle expenses are one of the key factors that make it difficult to make the dream of meeting boarding a reality difficult? That the desire to have a home is in almost everyone. However, not all of them realize that the road to get there is very steep.

We chatted with Aidil Akbar Madjid, a financial planner. Aidil Akbar said that the consumption pattern of young people, especially millennials, who tend to spend their money on buying experiences rather than assets, is one of the factors that makes it even more difficult for them to own a house.

"Most of them run out of money for traveling, for coffee. They collect experience rather than assets," said Aidil Akbar when contacted by VOI some time ago.

Toyibah Housing in Bekasi (Detha Arya Tifada / VOI)

To prove that view, we conducted a survey we threw on social media about how young people manage their finances. There are one hundred respondents who participated representing the youth group's voice. 68 respondents aged 22 to 25 years, 26 respondents aged 26-30 years, and six other people aged over 30 years.

According to the survey, 61 respondents admitted that they had not prepared a savings fund to buy a house, even though they acknowledged that there was an intention. With a much smaller figure, only 25 respondents stated that they had prepared funds to meet their housing needs. The remaining 14 respondents admitted that they had no interest in buying a house at all.

The next point in the survey is about their interest in joining the home ownership credit (KPR) program to realize their dream of buying boards. We got an interesting result, in which the number of respondents - to whom we were treated to "Yes" and "No" answers - was evenly divided by 50:50. The majority of respondents expressed interest in KPR with a tenor of 15 to 20 years.

Respondents who are interested in buying a house on the KPR line convey various reasons. First, they realize that property prices never stop rising. In addition, they are also aware that it is better to allocate funds to repay houses than to allocate funds to rent a house.

The second reason relates to the condition of 35 respondents who stated that they spent their funds to rent a rented house or boarding house. They realize that renting a house is not a trivial matter. Respondents stated the varying amounts they have to spend to rent a house: IDR 400,000 to IDR 5 million.

Even though the number of respondents who have prepared the steps to buy a house is very small, in fact they are not without saving. Of the hundred respondents, 30 of them set aside money to save Rp. 500,000 per month. Meanwhile, as many as 29 other people decided to save Rp1 to Rp2 million per month. Another, eleven other people save more than IDR 3 million per month. Then, where do they allocate the savings?

Lifestyle

Our survey also explores how respondents manage financing for their lifestyle. First, about the cost of hanging out. According to the survey, 55 out of a hundred respondents admitted to setting aside a special budget for hanging out.

The numbers are not bad. In the range of IDR 300 to IDR 500 thousand per month. Another 45 respondents stated otherwise. There are various reasons. However, the majority see hanging out as a situational thing so that it does not require a special budget.

In the matter of hanging out, the respondents also claimed to have chosen the cheapest place to hang out. Because, for them, the quality of their friendship is never measured by where they spend their time chatting.

In other words, the assumption that young people are extravagant in spending money hanging out is not entirely correct. Although important, they realize they don't have to spend a lot of money hanging out.

Hanging out is not the only desire of young people to fulfill their lifestyle. Today, the lives of young people are faced with many entertainment services. From music to movies. From Spotify to Netflix. As many as 70 respondents stated that they had issued a special budget for entertainment. 33 of them have set aside IDR 150 to IDR 300 thousand. Meanwhile, 22 others admitted that their entertainment fund allocation was less than Rp. 100,000. The rest spent IDR 350 to IDR 500 thousand.

From this survey, we agree with the opinion of many people about the low awareness of young people preparing to buy housing. Even so, this survey can also argue that hanging out is the main cause of various financial difficulties experienced by young people. So, education in managing finances must be done. Including how to encourage young people to allocate funds for asset needs. In this case home.

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