TAIPEI (TVBS News) — As living costs in Taiwan continue to rise, many young adults adopt a "sophisticated poor" lifestyle.
This entails prioritizing appearances and comfort by purchasing high-end accessories and using ride-hailing services instead of public transportation.
Unfortunately, many individuals spend their money frivolously without saving for a rainy day.
Tai Po-fen, a university professor from the Department of Sociology, remarked that the difficulty in purchasing homes due to comparatively low wages might make young people disillusioned with their lives.
This, combined with a loss of motivation to strive for their future goals, could result in young people focused solely on the present, Tai said, which often means "prioritizing good meals over the prospect of homeownership."
With the rising cost of real estate and daily necessities, this younger generation has extended the concept of "quiet quitting" beyond the workplace and into their personal lives.
This trend is particularly prevalent among recent graduates and part-time workers, who often become consumed by their lack of funds and attempt to prove themselves by purchasing extravagant products.
While this lifestyle may seem enticing, recent surveys have revealed that approximately 20% of laborers in Taiwan live paycheck-to-paycheck.
This trend may lead to financial difficulties in the future, mainly if there is an emergency or crisis.
A spokesperson from a local job bank, Ben Yang, explained the importance of remembering there's still a long way to go before we reach the end of our lives.
"If we fail to save enough money for retirement, we may find ourselves struggling in our old age and fall into the category of impoverished elderly," he said.
"This could make our golden years significantly more challenging."
As technology and social media continue to influence our daily lives, the pressure to compare and display a particular lifestyle may lead to negative consequences.
Although saving may not seem as exciting as indulging in high-end purchases, the "sophisticated poor" must prioritize financial planning to safeguard their future well-being.
