Millennials are a burned-out bunch.Millennial workers are more likely than older generations to report being burned out at work, according to a 2018 Gallup study. The gig economy, the temptations of social media and the high expectations millennials have of themselves contribute to this trend, behavioural finance experts say.Add to that record student debt levels, the cost of health care, slow wage growth and little work-life balance, and you have a recipe for emotional exhaustion.“Millennials have this double whammy of anxiety coupled with a really strong work ethic,” says Kit Yarrow, a consumer psychologist and professor emerita at Golden Gate University. “Before they even get started, millennials approach their tasks in life with a (base) level of anxiety, which depletes their resources for managing stress.”This is not to say “adulting” is especially difficult for this generation, or to assume that all millennials are struggling. But understanding how burnout harms financial decision-making can help you or a loved one break through it and achieve goals.BURNOUT TRICKS THE MINDBurnout isn’t the same as stress.The World Health Organization , which added burnout to its handbook of recognized health conditions this year, says symptoms include “feelings of energy depletion or exhaustion; increased mental distance from one’s job, or feelings of negativism or cynicism related to one’s job; and reduced professional efficacy.”Burnout is linked to your job, but it can also affect your financial decisions outside of work in the following ways:— YOU PAY MORE FOR CONVENIENCE. You could be spending money regularly on takeout, Uber rides or grocery delivery, for example.People are often willing to pay more for convenience because they’re exhausted — from working multiple jobs, long hours or being available for work all the time — and because it makes mundane tasks easier, says Theresa Stevens, 26, a financial coach who works with millennials at Declutter Your Money in Providence, Rhode Island.— YOU SPLURGE AS A REWARD. “Treat yourself” isn’t just a hashtag; it can be a coping mechanism. When it comes to rewarding ourselves, “our mind tricks us into taking us off the hook,” Yarrow says.“You might think: I already have student loans and credit card debt and my rent is half my income so I might as well go out and eat, because what difference will it really make?” Stevens says.Social networks and the ease of online shopping make it harder to resist temptation, says Mariel Beasley, co-founder of the Common Cents Lab, a behavioural science research lab at Duke University that focuses on improving financial well-being for low- and middle-income households.“We see the food people are getting at fancy restaurants, the cute new shoes they bought or the places they’re travelling to,” Beasley says. “We’re seeing their spending; rarely do we see what they’re saving.”HOW TO BREAK THROUGH BURNOUTYou can’t fix the economy or wish away debt. But by recognizing burnout, you can make things easier on yourself. Here’s how:— KNOW YOUR “WHY.” Your values motivate you when you’re paying off debt or saving money for a dream vacation. They can also help you prioritize what you’re willing to spend money on and cut back on.Values aren’t the same as goals. Paying off a credit card is a goal, but achieving financial freedom is a value, Stevens says.— BUDGET STRATEGICALLY. Budgeting isn’t about cutting out the small things that give you joy, like the occasional Uber or your latte habit.Taking a big step to save money — think moving into a cheaper living situation, refinancing your student loans or cancelling subscriptions — is more sustainable in the long run than, say, resolving to eat out less, Beasley says.“Every day when you’re making a decision to spend less, it’s hard to keep going,” she says. “We naturally bounce back to our old habits.”After you’ve identified your values, a budget is a tool to help you live them. The 50/30/20 budget, which divides spending into needs, wants and savings, is a good place to start.— CHANNEL MONEY MOTIVATION: When you’re feeling motivated, take a one-time action that will save you effort, Beasley says.Set up a small transfer — perhaps 5% of your income — to a savings account so the money is out of sight, out of mind. Or cut up a credit card (but don’t close the account) to make it a little harder — but not impossible — to buy things you don’t value._________________________________________This column was provided to The Associated Press by the personal finance website NerdWallet. Amrita Jayakumar is a writer at NerdWallet. Email: ajayakumar@nerdwallet.com. Twitter: @ajbombay.RELATED LINK:NerdWallet: The 50/30/20 budget http://bit.ly/nerdwallet-budgeting-101Amrita Jayakumar Of Nerdwallet, The Associated Press read more


FRANKFURT – Falling oil prices and a weak economy caused consumer prices to fall even more sharply in the eurozone in January.The annual inflation rate was minus 0.6 per cent, worse than the minus 0.5 per cent expected on average by market analysts and the minus 0.2 per cent registered in December.Low oil plays a big role. But weak prices are also a sign of the deep economic malaise afflicting the 19 countries that share the euro currency.The European Central Bank is readying a massive 1 trillion euro ($1.1 trillion) stimulus program to try to raise inflation closer to its goal of 2 per cent — and to get the economy moving.Jobless figures Friday showed slight improvement, with the December unemployment rate falling to 11.4 per cent from 11.5 per cent the month before. Prices in the 19 euro countries fall 0.6 per cent annually in January as ECB readies stimulus AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to RedditRedditShare to 電子郵件Email by The Associated Press Posted Jan 30, 2015 3:05 am MDT read more


Share this:Click to share on Twitter (Opens in new window)Click to share on Facebook (Opens in new window)RelatedUS based Guyanese grieving loss of husband who was robbed, murdered by muggersJanuary 12, 2018In “World”Suspect in murder of female cop commits suicideOctober 5, 2017In “latest news”Guyanese stepmom charged with strangling death of 9-year-old Queens girlAugust 22, 2016In “Crime” A 26-year-old United States (US) based Guyanese met her demise in the wee hours of New Year’s morning after reportedly being stabbed to death by her husband- also a US based Guyanese- who later committed suicide.Pictured: Vinny Loknauth and his wife Stacy Singh in happier timesThe dead woman has been identified as Stacy Singh, a mother of two, and her husband 46-year-old Vinny Loknauth, who was later found hanging from a tree.US police have indicated that the deaths are being treated as homicide/suicide.According to the New York Daily News, Singh was discovered face down inside the Richmond Hill home- on 103rd Ave. near 113th St.- she shared with Loknauth, with multiple stab wounds to her back at around 01:55hrs.“A knife was found near her body when police arrived” NY Daily News said.This was over an hour after police found Loknauth’s body hanging from a tree on Park Lane, opposite Forest Park- which is said to be some two miles away from the couple’s home.“Loknauth” was very abusive to her,”said the dead woman’s brother-in-law Romain Shaw. “She stayed with him no matter what because they had two kids together. She was hoping for him to change, but he never did.”According to Shaw in the NY Daily News article, Loknauth was drinking heavily and using cocaine when family members gathered on New Year’s Eve at a Queens restaurant.“He was so drunk, so very drunk,” said Shaw. “He always beat her up when he went home high.”A neighbour said the couple fought constantly, recalling one incident that ended with the battered wife leaving their home in an ambulance.“The cops are always there,” the neighbour said. “They were always having big fights. But she still came back to him.”Stacy was described as a “very sweet person” in addition to being generous and caring.The neighbours described Loknauth as a construction worker often seen sitting on the front step of the house, smoking cigarettes and drinking beer. read more