In this article, I will be sharing my view on instant gratification vs delayed gratification.
This is also hugely differentiated by the older generation and the younger generation.
Read on as below.
Instant gratification vs delayed gratification
From my observation, one of the main difference between the older generation (Gen X) and the younger generation (Gen Y or Millennial with birth years 1980s) is Gen Y have very strong ‘I Want It Now’ or instant gratification attitude.
While Gen X prefer to plan and take time to have the things they wish for.
For example, in purchasing a new car. For Gen Y, they prefer to buy an expensive new car which is most of the time, out of their budget. And Gen Y will try to get financial assistance from their parents.
As for Gen X, they prefer to get a cheaper or smaller not that fancy car for their daily commute purpose. Some even prefer a second hand or used car. Until they managed to save up for their dream car.
And usually, Gen X does not prefer to have financial support from parents or family members. Another example would be the way Gen X and Gen Y manage their finances.
Gen X are usually more reserved and careful with their finances, with many considerations and planning especially for big purchases such as a car or a house.
For Gen Y, I would say they are a very ‘happy go lucky’ type. Many of them will think life is too short, so, why have to worry about so many uncertain things? Why not enjoy life to the fullest while we are still alive.
Instant gratification or delayed gratification?
Usually, Gen Y will spend whatever they have and sometimes even spend their future money (credit cards, personal loans). Somehow, Gen Y’s attitudes will move the market and keep the market going which is a good thing.
But, the problem happened when they overspend and are not able to pay back whatever they have spent.
Gen X’s attitude might not be so good for the economy but at least it’s more realistic and careful.
I would say the best would be a combination of Gen X and Gen Y attitudes. Personally, I would prefer 70% Gen X attitude and 30% of Gen Y attitudes.
For that, I would like to have protection for myself and my family, a portion of income saved for an emergency, a portion of income invested and a portion of income under free-spending such as eating outside, vacations and entertainment.
With this, I can enjoy life!
Are you more on instant gratification or delayed gratification?
Feel free to drop your comment below.
Read more: 3 tips for Gen Y to improve financial responsibility
photo credit: ATIS547 I Want I Want I Want via photopin (license)
