Why You Should Stop Comparing Your Financial Situation To Others

How good are you doing compared to others? Can you afford the same lifestyle as those that you see on social media? Here's why you should stop comparing and embrace your financial journey.
Hope Harvey

Now more than ever, being a young person is a tough time. With all the usual trials and tribulations that come with figuring out what you want to do in life such as when to settle down, finding your own home, establishing a career, and maybe starting a family, there is an abundance of added obstacles that have made the journey of growing up that much more exhausting. 

The Pandemic

Without dwelling on it too much, we cannot talk about the troubles we young people are facing without mentioning the c-word. COVID-19 affected people of every age, but for those of us fresh out of uni, starting to figure out our lives as young adults, we experienced a knockback or two.

With each lockdown, it took more work for many graduates to find jobs, delaying the start of their careers and potentially the beginning of their journey to financial independence. Everyone had a unique experience, which depended on the field of work in which you had found yourself job searching, but it was a challenging path for many.

The Generational Gap

If you’re like me, saving up for a house you have no idea if you’ll ever be able to afford, you may have had the joy of hearing from your parents, grandparents or any adult of that generation telling about how easy it was for them to get a house and how crazy it is that you haven’t done it yet! The classic ‘maybe if you didn’t spend so much money on iced coffees or going out so much, you’d be able to afford it!’ is usually the line that is thrown around by those from the older generations.

According to ONS data, in 2021 the average house cost roughly 9.1 times earnings, compared to approximately 4 times in the 1970s. That is a significant increase, and sometimes it feels like older generations do not realise the gravity. Getting a house is hard! Saving for the deposit is one thing, but being able to afford the mortgage is another without even thinking about the current cost of living crisis - near impossible for the majority, especially those attempting to buy as a single-person household. 

Social Media

As we all know by now, certain platforms aren’t exactly filled with honesty but rather with most people trying to show off the best parts of their lives, which isn’t always a true reflection of what they’re going through. It can be so easy to get sucked in, seeing the accomplishments of others and wondering why you haven’t been able to achieve the same thing.

Comparison is dangerous - you will never know how those people got into that position, and there’s no point in wasting your time worrying about it. The best thing you can do is focus on yourself and your goals. Looking at others won’t let you reach those goals any faster, and it will only distract you.

So keep going; you’re right where you need to be. 

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