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Taiwanese embrace YOLO lifestyle amid financial struggle

Reporter Vivian Hsiao
Release time:2023/06/13 19:04
Last update time:2023/06/13 19:04
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TAIPEI (TVBS News) — Amid the "treat yourself" mindset embraced by many young adults, a growing number are exceeding their financial limits in pursuit of a fulfilling life. However, data from the Directorate-General of Budget, Accounting, and Statistics under the Executive Yuan reveals that approximately 4.2 million office workers in Taiwan are trapped in a paycheck-to-paycheck cycle. 

Disturbingly, 30% of these individuals rely on loans to meet their basic needs. Dayeh University College of Management Dean Wang Chih-chien provided some explanations regarding the phenomenon. "Some may feel disillusioned by low wages," he said, questioning, "Why do these young people make extravagant or hedonistic expenses on travel and other activities?"

 

"Because they don't have strong opinions about their life goals," he added.

Experts in the business sector also asserted that the influence of social media plays a significant role in this trend. Moreover, the ease of online shopping and the availability of installment payment options have further facilitated the purchase of items beyond one's means. As a consequence, consumers are putting themselves at risk of financial strain.

"Influencers' unboxing videos have a significant impact on viewers, particularly if the influencer is a key opinion leader they admire and identify with, leading them to feel compelled to acquire the same items," said business expert Sigga Kuo.
 

To improve financial management, she recommended young adults open an additional bank account where they can automatically transfer 10%
of their monthly wages. 

By doing so, those previously trapped in a paycheck-to-paycheck lifestyle can gradually accumulate savings for unforeseen circumstances.

Taiwan Business

#Taiwan#YOLO#paycheck-to-paycheck#financial struggles#savings

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