Like the generations before them, millennials realize the importance of preparing for the future through financial planning. However, unlike their previous generations, millennials are starting at a much younger age.

Arief Hendarwan, 26, for example, said that he started planning financially in junior high school.

He started by opening a time deposit account with the money he had received from his parents. By the time he started earning his own money, he diversified his investment portfolio to stocks and mutual funds.

“I will use my investments for a family of my own in the future,” he said.

Similarly, 27-year-old Mutiara Antartika said that although she started planning only a year ago, her investment portfolio had grown from bank savings to time deposits and stocks in order to diversify her investments. She said she was also considering buying government Retail Saving Bonds of Series 003 (SBR003).

Millennials like them seem to have taken the right steps in planning for the future, explained Farah Dini Novita, a financial planner who cofounded financial consulting firm Jouska.

She said that financial planning should start as early as possible.

“Some millennials tend to wait until they have a lot of money in planning their finances, but I think they should start planning even when they still have entry-level salaries,” she told The Jakarta Post on Friday.

That way, she said, they would be able to secure their own as well as their families’ future finances.

In line with the growth in financial literacy, the stock market would be an ideal place for millennials to start investing, Dini said. Moreover, investing in the stock market has become much cheaper than in the 1990s as people can invest in stocks and bonds with just Rp 100,000 (US$7.10).

She warned, however, young investors to study financial instruments thoroughly before investing their money so that they could manage the risks and see returns.

Dini said that for people who had difficulties in planning their finances, Jouska could help them make the right decision.

The firm, which was founded in 2013 by Dini and her partner, Aakar Abyasa Fidzuno, focuses on personal finances and helps its clients reach their financial goals. New clients can begin using the service by setting up a two-hour meeting with its financial advisers.

Such meetings, Dini said, were a form of financial check-up to “diagnose” clients’ financial health.

Afterward, according to Jouska’s website, it offers two kinds of services, with fees starting at Rp 3 million; a comprehensive financial planning service and a custom-made partial financial planning service.

The firm also organizes personal finance seminars for clients and the public. Furthermore, it gives out free personal finance advice through its Instagram account @jouska_id, which helps its millennial followers with their financial plans.

The concise financial advice that Jouska offers through its Instagram account has made it a popular account among millennials. Jouska now has 162,000 followers.

“Previously, our clients were mostly over 30 years old,” Dini said. “But since we started our Instagram account in 2016, our clients have also included millennials aged 25 to 35 years old.” (ris)