In the video "Millennials & Gen Z: Young And In Debt. Why?" by Talking Point, the financial challenges facing young adults in Singapore are explored. The episode highlights the factors that contribute to debt accumulation among millennials and Gen Z, such as rising living costs, high levels of education debt, and pressure to maintain a certain lifestyle.
The video also explores the psychological factors that may lead some young adults to overspend and not live within their means. These include societal pressures to keep up with peers, emotional spending as a coping mechanism, and a lack of financial education.
However, the episode also offers solutions for those who may be struggling with debt. The experts interviewed in the video suggest steps such as setting financial goals, creating a budget, and seeking professional advice or counseling. It is also recommended to adopt a mindset of responsible spending and to prioritize savings for emergencies and future goals.
The episode emphasizes the importance of financial literacy and responsibility among young adults, and highlights the initiatives and programs in place in Singapore to support this. By taking proactive steps to manage their finances, young adults can work towards achieving financial stability and independence.