TIMES HONGKONG, JAKARTA – The sandwich generation has become one of the most serious problems in Indonesia. Raymond Chin, an Indonesian entrepreneur, YouTuber, and TikToker known for creating content on business and financial literacy shared soome tips for this generations to handle their financial issues.

Born on December 7, 1994, in Yogyakarta, he gained prominence through his digital content, where he shares tips on personal finance, investment, and entrepreneurship.

Chin co-founded the financial education platform Ternak Uang in 2020, a startup aimed at improving financial literacy in Indonesia. The platform provides accessible resources on investing, particularly targeting young audiences who may be vulnerable to financial scams.

The sandwich generation phenomenon is a term that describes a situation where a person has to bear the financial burden of parents and children simultaneously.

This phenomenon is not only experienced by a small portion of society, but according to a CNBC survey in 2021, almost half of the younger generation in Indonesia has become part of the sandwich generation. If no preventive measures are taken, by 2045, it is predicted that around 80% of Indonesia's population will face this problem.

Financial Mistakes at Every Age

Financial problems do not happen suddenly. According to Raymond Chin, in one of his videos on lifelong financial mistakes, bad money habits begin to form from a young age and continue to develop into adulthood. He explains the common mistakes that occur in several age groups.

1. Age 0-20 years: Lack of Awareness of the Value of Money

In this age range, the main problem is the lack of awareness of the value of money and impulse buying habits. Young people are often tempted by advertisements or limited offers, which triggers them to spend without thinking.

Parents should teach their children to control spending, not just focus on how to make money.

2. Age 20-30: Living Paycheck to Paycheck

At this age, most people start to enter the workforce. However, the problem that often occurs is that they are living paycheck to paycheck, without saving for the future. Many feel that they are still young and productive, so they don't feel the need to save for old age.

This is a big mistake because in the future, productivity and the ability to earn money will decrease.

3. Age 40-50 years: Overspending on Children and Medical Expenses

At this age, common mistakes are overspending on children and lack of preparation for medical expenses. Many parents are willing to spend their savings on their children, without thinking about their own future.

4. Age 60 and above: No Retirement Fund

At this stage, those who have not saved or invested since young will face great difficulties as they have to rely on their children to make ends meet.

Financial Priorities and Solutions for the Sandwich Generation

Raymond Chin emphasizes the importance of understanding financial priorities. Starting from basic needs such as clothing, food, shelter, to saving for the future.

Saving money is not just about setting aside money, but also about building good habits for the long term. By saving from a young age, we can prepare for the future and avoid being a burden to our children.

Chin also recommends the use of technology, such as Gopay Tabungan by Jago, as one of the solutions to make it easier for Indonesians to save. The platform offers features that make it easier for users to manage their finances better and avoid high administration fees.

Financial Education as the Key

One of the most effective ways to reduce the sandwich generation phenomenon is to improve financial literacy early on. Countries like Japan only have about 6% of its population living in a sandwich generation, as its people are well educated on the importance of financial planning.

It is important for every individual to understand and implement financial priorities in order to avoid the sandwich generation trap. Don't let bad money management habits from a young age ruin your financial future and that of generations to come. (*)