In reality, patience is the one trait that urbanites struggle to practice. As the joke says, ‘l want patience, and I want it NOW”! People who live in cities like Kuala Lumpur are living life at a rat-race pace, and seek to obtain success as fast as possible. How does patience relate to our finances? And how do we women exercise patience in our financial lives?
As the saying goes, Rome was not built in a day. Local statistics prove that Malaysians need an average of RM 1.4 million – 2.8 million to sustain them in their retirement years. Records also show that the average Malaysian matures at 55-year old, and personal EPF savings at this time show an approximate RM 150, 000. If we put these two pieces of information together, a working person would have RM 1.25 million to save up for, from the time he or she is 25 years old till 60 years old. Would this be even possible?
Yes, if we start educating the young early. Millennials or Generation Y across the globe are said to be a generation that was born with a silver spoon in their mouths. Patience is a difficult virtue for them to practice, as social media and well-to-do parents see to it that they get what they want. This generation needs to practice patience in saving up for their future. Findings show how critical it is for the next generation to start saving early.
Apart from the youngsters, what about the age range of those reading this article? The average female reader might be in her mid-30s – mid-40s. With only 15-20 years left before the retirement age of 60, is it possible to be patient and save? Again, the answer is yes, although there are challenges to overcome.
As women, we need to exercise patience when we live one day at a time. For those of us who live in cities, avoiding pressures and stresses of life, and aiming to be content with less disposable goods needs much patience. This is because advertising giants usually target women as potential consumers; whether in fashion, household, or childcare goods. That is why women need more patience in restraining themselves from unnecessary debts or purchases.
Read more: Women and Financial Loyalty