Personal Banking
Personal Banking

Meeting your life goals

Even with clashes in ideals, preparing for the future doesn’t have to be complicated.
THE STAR, 9 DECEMBER 2018
Planning for your child’s higher education is one of the most challenging times for parents, as mum and dad often have differing views on the choice of higher education from their children. In recent times, the rapidly changing nature of jobs is also making the choice of which higher education path to take more difficult.

OCBC has launched the Premier Life Goals campaign catered to parents who are facing this life stage. Bringing your goals and dreams to life is OCBC Premier Banking’s ambition, whether it is for your children’s education, retirement or wealth transfer.

Jobs market have rapidly evolved; affecting the courses being offered in higher epducation institutions, which makes planning for higher education more difficult for parents. Some of the jobs that we know of will cease to exist in the near future – as we speak, there are new job roles bring created which have never existed before. For example, roles like data scientists and machine learning engineers were only created in recent years but are in high demand now.

Also, many jobs will be automated and those trained in these disciplines – mechanics, machine operators, telemarketers, cashiers, drivers – will have a tough time in the future. Nobody can predict the future as there are many uncertain variables. However, one certainty is this: regardless of the decision on which is the right education path, parents should still start to prepare for their child’s future financially. Experts predict that the following are likely to be much sought-after "jobs of the future" – data specialist, cyber security expert, food chemist, foetal medicine specialist, and nursing and care professions, as some jobs just have to be done in person.

When it comes to deciding on a career path, often parents and their children don’t see eye-to-eye. While parents want the best for their children and only have their welfare at heart, it can sometimes be hard for their offspring to see things from their perspective. Likewise, many teenagers, adolescents and young adults seem destined to rebel against their parents’ wishes, seeing their ideals as old-fashioned, outdated or obselete. From a parent’s perspective, rebellion is nothing more than a child acting out in selfishness or ignorance, unable to comprehend their parents’ best intentions – which is to prepare their children for the best future possible.

For many, they have slaved their entire lives doing back-breaking work to put food on the table, forking out cash for school fees and necessities, and saving up for their child’s tertiary education, which comes at a steep price these days. Medicine, engineering, law, finance – to a majority of parents these are the tried and tested, respectable, stable and lucrative career paths ... the "safe" choices their children would be wise to opt for.

It’s all in their best interest, say the older folks, adding "We just want you to have a better life and to not end up like us". In their minds, the future is straightforward: study hard, graduate, get a stable job, buy a house, settle down, start a family – mum and dad’s jobs are done.

Therein lies the conflict between the generations. The world has become so vast, so filled with new and interesting endeavours, that few youths want to be tied down to a predictable career path, one that they may see as unchallenging or old-fashioned. Perhaps they still believe in a good education, but not along the lines of what their parents perceive to be the perfect jobs that will have you "set for life". Far more interesting job prospects exist out there, many of which don’t require an education beyond high school.

Take a look at some young entrepreneurs or even all the influencers raking in the tens upon thousands of dollars on a single Instagram post, while simultaneously doing what they love, whether it’s traveling, putting on makeup or styling their outfits for their adoring fans. Young people are bursting with ideas on how to make a name for themselves – perhaps they have a brilliant idea for an app that will change the way people shop, or maybe they are looking for funding to bring their sustainable book publishing vision to life.

Often, youths are interested in incorporating sustainability and philanthropic endeavours into their careers, having abroad take on how the world works, feeling like they are in a position to make it a better place while making a name for themselves. It could even be as simple as your child wanting to become a barrista, and to eventually own his or her own artisanal cafe, a risky yet ambitious endeavour parents will most certainly have concerns about. The gap between the ideals can be bridged with an understanding and finding a common ground – and when it comes to the need to plan for the future, there is no argument over the fact that financial planning is key, regardless of your career choice.

Whatever educational path a child chooses to pursue, it is imperative that financial planning is of utmost priority, and it’s never too early or late to start – just do it now, as soon as you can. Visit www.ocbc.com.my/premier to find out how OCBC Premier Banking can help you prepare for your life goals.

Get in touch

Get in touch

03 8315 4288 (PREMIER)