University season is over in many parts of the world - graduations have been attended, photos taken and certificates framed.
For some, this means coming back to the UAE to live with parents, look for a job or if lucky, start a career.
Moving back home is about more than just saving money - although that's a definite plus in light of both Abu Dhabi and Dubai rising in the ranks of Mercer's annual cost of living survey. The latest one rates them more expensive places to live this year compared to last. In the US for example, moving back is a trend taken up by an increasing number of young adults with wealthy parents. They can afford to branch out on their own, but choose not to. It's part of a change in the way these monied families and their millennial offspring are coming together, filially and financially, according to a recent UBS survey. I bet this is mirrored here too.
By millennial I mean anyone who was aged 18 to 34 in 2015. This covers those finishing first or postgraduate degrees and those who are a few years into forging their own existence.
First, a few millennial facts for quiz-night:
. Millennials are the largest generation in American history
. 71 per cent would rather go to the dentist than listen to what banks are saying
. They're getting married and having their first child later than any previous generation
. Buying their first home later than previous generations
. They're the least trusting generation
And those lucky enough to have money are handling it their way.
UBS found that young adults who earn US$100,000, or have that much in assets, prefer to keep half of it in cash.
This finding is mirrored in a Bankrate poll out last month, also in the US. In it millennials were asked how they'd invest money they don't need for 10 years; 32 per cent of 18 to 32-year-olds said they'd keep it in cash.
This is a major departure from what we've been told to do.
Cash sitting idly is a big no-no according to financial advisers. But then again, seeing as millennials don't trust their fellow man, little wonder they're not jumping at the advice of financial folk.
The Pew Study "Millennials in Adulthood" found that " ... just 19 per cent of millennials say most people can be trusted, compared with 31 per cent of Gen Xers, 37 per cent of Silents and 40 per cent of Boomers."
Both lack of trust and the propensity to sit in cash, mean that businesses and advisers earning from managing wealth are likely in for tough times as they try to get these young adults to hand over a slice of the $30 trillion they are set to inherit.
Having said all this, life is tough for most young people and their prosperity has plummeted. In the US, a chunk of the wealth passed on to them will go to paying off the $1.3tn of student debt they have accumulated. Those in Europe will have nowhere near this windfall, which means that the very high numbers of 30-somethings living with their parents in countries like Italy and Spain is set to continue. Neither generation has money.
Back to the UBS report.
It's a lovely idea that families and generations are coming together, and that being emotionally supportive and financially integrated are the ties that bind. But this is a luxury - an option for those who have. Money that is. I think we're in for a longer period where most people, young and old, do not, will not, have the ability to choose to go their own way - they're stuck, and in it together, come hell or high water. Let's hope that here in the UAE, reintegration back to daily family life is not about managing financial strife.
Nima Abu Wardeh describes herself using three words: Person. Parent. Pupil. Each day she works out which one gets priority, sharing her journey on finding-nima.com
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
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The Facility’s Versatility
Between the start of the 2020 IPL on September 20, and the end of the Pakistan Super League this coming Thursday, the Zayed Cricket Stadium has had an unprecedented amount of traffic.
Never before has a ground in this country – or perhaps anywhere in the world – had such a volume of major-match cricket.
And yet scoring has remained high, and Abu Dhabi has seen some classic encounters in every format of the game.
October 18, IPL, Kolkata Knight Riders tied with Sunrisers Hyderabad
The two playoff-chasing sides put on 163 apiece, before Kolkata went on to win the Super Over
January 8, ODI, UAE beat Ireland by six wickets
A century by CP Rizwan underpinned one of UAE’s greatest ever wins, as they chased 270 to win with an over to spare
February 6, T10, Northern Warriors beat Delhi Bulls by eight wickets
The final of the T10 was chiefly memorable for a ferocious over of fast bowling from Fidel Edwards to Nicholas Pooran
March 14, Test, Afghanistan beat Zimbabwe by six wickets
Eleven wickets for Rashid Khan, 1,305 runs scored in five days, and a last session finish
June 17, PSL, Islamabad United beat Peshawar Zalmi by 15 runs
Usman Khawaja scored a hundred as Islamabad posted the highest score ever by a Pakistan team in T20 cricket
MATCH INFO
Europa League final
Marseille 0
Atletico Madrid 3
Greizmann (21', 49'), Gabi (89')
The specs
Engine: 3.0-litre six-cylinder MHEV
Power: 360bhp
Torque: 500Nm
Transmission: eight-speed automatic
Price: from Dh282,870
On sale: now
Everton%20Fixtures
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Brief scoreline:
Tottenham 1
Son 78'
Manchester City 0
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
Specs
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Greatest of All Time
Starring: Vijay, Sneha, Prashanth, Prabhu Deva, Mohan
Joker: Folie a Deux
Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson
Director: Todd Phillips
Rating: 2/5
LIVING IN...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
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Playing records of the top 10 in 2017
How many games the top 10 have undertaken in the 2017 ATP season
1. Rafael Nadal 58 (49-9)
2. Andy Murray 35 (25-10)
3. Roger Federer 38 (35-3)
4. Stan Wawrinka 37 (26-11)
5. Novak Djokovic 40 (32-8)
6. Alexander Zverev 60 (46-14)
7. Marin Cilic 43 (29-14)
8. Dominic Thiem 60 (41-19)
9. Grigor Dimitrov 48 (34-14)
10. Kei Nishikori 43 (30-13)
Company%20profile
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Thank You for Banking with Us
Director: Laila Abbas
Starring: Yasmine Al Massri, Clara Khoury, Kamel El Basha, Ashraf Barhoum
Rating: 4/5
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