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Grant Thornton Indonesia: Financial Planning to Help Children

Diposting pada 13 Juni 2024 oleh admin / Dilihat: 0 kali

Jakarta, – Buying your first home is the dream of many people, but achieving this dream requires careful financial planning. The polemic surrounding Tapera (Public Housing Savings) is becoming a hot topic of discussion in Indonesian society, especially among the millennial generation and Gen Z who may be struggling to own their own home.

Tapera is a savings scheme required by the Indonesian government with the aim of helping people buy houses. However, the implementation of Tapera has generated various polemics. Some parties think that Tapera’s contribution is an additional burden for young workers who are already facing financial challenges such as high living costs. On the other hand, supporters of this obligation argue that this scheme can provide a long-term solution to the problem of home ownership in Indonesia.

Based on data from the PUPR Ministry in 2019, it was recorded that 81 million people from the millennial generation in Indonesia do not have their own home. The main factors causing low home ownership among the younger generation include property prices that continue to increase and income that is not enough to qualify for a home loan, as noted by Bank Indonesia, that the residential property price index in the second quarter of 2024 increased by 1 .92 percent per year (year to year). From this data it can certainly be concluded that the millennial generation and Gen Z will have increasingly difficulty buying a house in the future.

Johanna Gani, CEO of Grant Thornton Indonesia, said, “We understand that the challenges faced by the millennial generation and Gen Z are very complex, from ever-increasing property prices to managing debt and high living costs. We believe that with the right financial education, young people can develop good financial habits from an early age, which will not only help in purchasing their first home, but also foster financial discipline that will benefit their future.”

Therefore, in an effort to help Indonesia’s young generation, Grant Thornton Indonesia also provides a number of tips for optimizing personal financial planning to support the purchase of their first home, including:

1. Long Term Financial Planning

Financial planning to buy a house is not just about saving in the short term. Financial planning will help millennials and Gen Z to set clear life priorities and goals, including determining when they want to buy a house and how much they need to raise sufficient funds, both from saving and investing, for a down payment and other costs related to the purchase first house. Some basic tips for starting long-term financial planning are as follows:

A. Set targets

The first thing after knowing the estimated price of your dream house is to determine your savings target and calculate how much you need to set aside from your monthly income to be able to pay the down payment on your house. You also need to consider the factor that house prices will increase every year so you also need to calculate the potential increase in the price of your dream home for the years to come.

B. Pay off debts

Before deciding to save for your dream home, you should pay off your debts and other credit first so that the burden of financial management is lighter.

C. Avoid consumer life

One of the keys to long-term planning is discipline. A consumptive lifestyle that involves spending money on things that are not primary needs will certainly make it difficult to support long-term financial planning.

D. Earn additional income

Apart from saving from your main income, start to become aware of investment instruments that can generate additional income to speed up achieving the targets set at the beginning, besides that you can also consider looking for additional income through side job.

2. Technology Support for Financial Planning

In today’s digital era, technology plays an important role in financial planning. Financial planning and budget management applications can help control spending and maintain savings more efficiently, such as budget management applications to record every expense and income, and provide a comprehensive picture of financial health. Then, millennials and gen Z can also take advantage of savings and investment applications that offer various investment instruments such as mutual funds, shares and bonds which can be selected according to their respective risk profiles. By investing regularly, besides being able to increase the value of savings, it will also accelerate goal of buying a house.

Many banks and financial institutions also offer credit calculators on their websites, allowing millennials and Gen Z to enter various payment and interest scenarios to get an idea of ​​how much they will have to pay each month when they finally decide to buy a house.

“We also invite the younger generation to take advantage of the various financial technologies and applications available to simplify the process of planning and managing their finances. This technology not only saves time and money, but also provides access to information and tools that may not be available offline. “In this way, plus a mature and structured financial planning process, they can certainly realize their dream of owning their first home.” closed Johanna Gani.

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Grant Thornton Indonesia: Financial Planning to Help Children

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Grant Thornton Indonesia: Financial Planning to Help Children

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