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10 ways in which your child's generation is going to be different from yours

By Finserv MARKETS - Jul 27,2019
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ULIP Plans To Secure Your Childs Future

Millennial parenting is a tricky job, and as parents, we all strive for a better life for our kids. Your child’s generation, which may mostly belong to Gen Z and Gen Alpha will certainly live their lives very differently from yours. Here are ten ways in which your child’ life will differ from yours:

Technology

Your kid’s generation will embrace technology and gadgets like never before. In fact, it is so ingrained in their DNA that technology addiction will become rampant, and is expected to overtake drug addiction. The mastery of technology may make them neglect interpersonal relationships to some extent.

Mode of Education and Learning

Your child’s generation will disrupt the way learning happens. They tend to embrace collaborative learning environments where they can be hands-on and directly involved in the learning process. They shall refuse to be passive learners, and reject rote learning at all costs.

Career

Your child’ generation will not shy to convert their passions into professions like acting, sporting, baking, jewellery design, etc. that were once considered unconventional. Entrepreneurship, remote and freelance work, and flexible working hours will become the trend in every field.

Food and Lifestyle

Given that the Gen Z and Alpha generations are set to be the segments with the highest buying power, they shall have access to a wide range of cuisines, from local to international. Eating outside food shall be a daily affair with their busy, household and work schedules. Although they shall be aware of the rules of health and wellness, their dietary habits could lead to a host of lifestyle diseases.

Access to healthcare

The post-millennial generations shall have a great deal of trust in artificial intelligence (AI) powered diagnoses and treatments. AI-powered chatbots equipped with disease databases, patients history, and symptoms could diagnose your children in a matter of seconds with 100 percent accuracy.

Savings and Investment

Gen Z starts researching on financial planning at an age as early as 13 years. By this age, they would already have a savings account, health insurance, and a credit card, and would follow a smart, frugal strategy. They will most likely not overspend and think through their purchases. They would prioritize tomorrow’s financials over today’ desires- an important attribute for any investor looking to grow his or her portfolio.

It is an encouraging sign that your child’s generation shall be keen on building a financially secure future by saving and investing from a very early age. For this, they’ll have to participate in the commercial and fiscal front, and Unit Linked Insurance Plans  serve as great financial multipliers in safeguarding the financial interests of this generation. A mix of investment and insurance, top ULIPs like the Bajaj Allianz Goal Assure or Bajaj Allianz Future Gain offer the potential of creating wealth with the additional security of a life cover. Under these schemes, a portion of the premium paid by the insured is dedicated towards their life cover while the remaining amount is invested in funds that are either debt, equities or a combination.

Family and Relationships

A family may seem central to your child’s generation, but sadly, a family may not be as present in their lives or as close to them as they want to be. Family structures may become increasingly dysfunctional with parents splitting up, leading to a rise in single-parent homes. Their emotional needs could go unfulfilled. The average family we once knew as a mother, father, and two kids shall be replaced by single mothers, unmarried cohabitation, and reconstructed families.

Ethics and Values

Your child’s generation shall be brand conscious and particularly sensitive to the stance that the companies they patronize take on social, political, and environmental issues. That means they really expect the outlook of the brands from which they buy to mesh with their own views.

Creativity

Your child’s generation will be the one that will possibly co-live with advanced Artificial Intelligence (AI). For this, they’ll need to be creative in making decisions based on their own personal and individual critical thinking.

Environment

Gen Z and Gen Alpha are likely to have a desire to make a positive impact on the world. To that end, they are passionate about environmental and social justice causes like climate change, pollution, water scarcity, land use, alternative sources of energy, and animal rights.

Financial security is a topmost priority in an individual’s life and top investment plans such as Bajaj ULIPs cater to a variety of your needs depending on the life stages of you and your children. If your kids are young, then you may invest in child plans like the Bajaj Allianz Future Gain or Bajaj Allianz Life Goal Assure available on Finserv MARKETS.

Bajaj Future Gain offers a choice of two investment portfolio strategies and wide range of funds to invest, in addition to options like flexible payment frequency, riders to enhance protection cover, payment of maturity benefit in instalments and partial withdrawals for any liquidity need post the 5 year period.

Similarly, the Bajaj Allianz Life Goal Assure allows you to save up to fulfill your life goals like your child’s education, entrepreneurial venture or even marriage. It offers an array of investment options and comes with loyalty additions payable from the sixth year, and fund booster payable at maturity.

Your child’ generation shall surely be different from your generation, but financial freedom and early retirement are two goals that are commonly present on the mind of every generation. In this context, it is wise to opt for top unit linked insurance plans, which are a mix of both insurance and investment, and facilitate in fulfilling every generation’ life goals.

Also read in detail about the ULIP tax benefits you can avail with investment plans available on Finserv MARKETS.

To know more on ULIP investments in depth, you can check out these blogs:

“Finserv MARKETS, from the house of Bajaj Finserv is an exclusive online supermarket for all your personal and financial needs. Loans, Insurance, Investment and exclusive EMI store, all under one roof- anytime, anywhere”!

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