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Less is More: Why Millennials are Embracing Minimalism?

Remaining ignorant to the phenomenon of minimalism has become impossible these days. With tiny house TV series and Netflix documentaries, it has become a notable trend among individuals, especially millennials.

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Millennials today are turning to minimalism to reduce stress, improve their health and most importantly, to learn the power of simplicity. The whole idea is to “be more with less.”

Who are Millennials and What is Minimalism?

Millennials are the generation born between the early 1980s to the mid-1990s or early 2000s. Thus, many young adults today can define themselves as millennials.

This generation, in particular, is seeking out a greater minimalistic approach as opposed to generations before. For them, minimalism is all about adopting a simplistic mindset, which means,  getting rid of things that are no longer of use, so that they can live in a simple and uncluttered environment.

Having understood what minimalism is, let’s focus on why millennials are embracing minimalism.

  1. Technology and Mobility

For millennials, technological innovations have changed the concept of life and the world at large. Today, they are no longer tied to belongings, houses and office desks. Instead, they proudly boast themselves as explorers and global citizens. Internet access on mobile devices from almost anywhere in the world has played a major role in this.

For millennials, mobility has become the new stability, and coffee houses have become the new offices. Meaning, millennials are attracted towards flexible career options which allow them to discover the world while making money. Thus, they feel less obligated to an office, a city, or a home, more so than the earlier generations.

  1. Living Preferences

For decades, the “Great Dream” for most individuals has supposedly been to own a house, with enough room for the entire family, including spouse, parents and children. However, buying a property has increasingly becoming an impossible dream these days. Real-estate prices have become unbearable figures for the majority, except for those who are already wealthy.

As a result, millennials are no longer transfixed by this goal. Rather than investing in homes, they are renting more. And by opting for more affordable living options, millennials are happy to live without much responsibility.

  1. Experiences Matter More than Possessions

Millennials have shifted their spending habits away from tangible things to intangible experiences. Experiences matter more for young adults, as a result, they are buying less and travelling more.

More and more millennials are opting to spend the extra cash on palate-pleasing meals with their family and friends rather than buying an expensive item only they will enjoy. Simply put, its all about living a life full of laughter, adventure, memories and zero regrets.

  1. Diminished Stress

Minimalism has helped individuals to develop a strong sense of self-control. The realization that possessions don’t reflect one’s self-worth has helped them to stop comparing themselves to others. Thus, rediscovering what’s truly important in life, has only made them happier and compassionate.

How Can Millennials Secure Their Finances?

In spite of living a minimalistic life, even millennials need to be ready for sudden expenses. When an emergency pops up, whether it’s fixing a car, fixing up the house, or a medical emergency, it can be a trigger that can put one over the edge.

The good news is, millennials have flexibility and benefits that previous generations never had. They have easy access to financing options and the most common of which are personal loans.

Here’s what makes personal loans a great deal for millennials:

  • With digital processes becoming a lot quicker, online personal loan application has become time-saving
  • The disbursement of the loan is speedy due to automated lending processes
  • Unlike getting a loan from a traditional bank, online personal loan application doesn’t require collateral
  • When it comes to documentation, there is no need for lengthy paperwork

There are certain financial institutions in the market such as ABFL Direct, where all that you need is an Aadhar Number, PAN card, and your bank statements to avail the loan. Put simply; the speedy online personal loan application process has proved to be a boon for millennials. So, whether one wants to attend to a health concern or make some immediate travel plans, financing is no more a major concern.

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