Parents' wallets still funding young millennial lifestyles

Last year, Nakshatra Gowda, 22, spent nearly 65% of her salary on rent during her stint as a digital marketing executive with a real estate company in Bengaluru. This was her first job and she left home to work in a different city. "I was left with only Rs 5,000 after paying the rent and utilities. I didn't have enough money to shop or to go out with friends. So I took help from my father," said Gowda. After six months, she realised the need for a better paying job. Gowda is not an aberration but a norm among young millennials who have extra small budgets owing to young careers but aspirations for a king size lifestyle. Many young millennials find it difficult to fit their lifestyle within the boundaries of their salary and fall back on parents for support. Pew Research Center defines the millennial generation as those born between 1981 and 1996. For young workers, it is the discretionary expenditure that stretches the budget. "This generation spends a lot on purchasing electronics and dressing well," said Priya Sunder, director, PeakAlpha Investment Services Pvt. Ltd. "They spend a lot on eating out unlike the previous ge

This article was originally published on June 16, 2018.