Gradual Shift

The ability to manage personal finances has always been crucial in one’s life. Gradual shift can be seen in the market as Generation X and Millennials are slowly replacing Baby Boomers as big consumers. Core values of hard work and security are being substituted by the need for a higher living standard, freedom and flexibility in lifetime employment (Schiffman and Kanuk, 2007; Cennamo and Gardner, 2008). College and undergraduate students now are considered as the Millennials (those born after 1982). A study by Twenge, Campbell and Freeman (2012) found that Millennials exhibit lower levels of community feeling as they consider extrinsic life goals (those relating to money, fame and image) to be more important than intrinsic related value and