Gen Z's Budget 2024 wishlist: Affordable cafes, lower fuel taxes, and more take-home pay

“Why should a latte cost more than a morning commute?” That’s the pressing question many young people are asking as they eagerly anticipate the Union Budget 2024. For them, it's not just about financial figures and policies, it's about how those policies affect their daily lives and the things they care about.

Lower taxes on cafes  

For the younger generation, a trip to the local cafe isn’t just a coffee run; it’s a ritual. However, high taxes on these beloved spots are turning their casual hangouts into a pricey affair.

“Honestly, the high taxes on cafes are really getting to us. We love hanging out at our favorite spots, but it’s becoming too expensive. If the government could reduce the tax burden on cafes, it’d make our outings a lot more affordable and enjoyable,” said  Rishabh, Student, DU Faculty of Law.

Simplification of fuel taxes

But it’s not just their cafe bills that are causing headaches. Petrol prices, with their two-layered tax structure, are another sore spot. Imagine filling up your tank only to realise that you’re paying more in taxes than in fuel. “Currently, there are two taxes imposed on petrol, which is quite burdensome, it would be more efficient and fair to have only one tax on petrol,” Rishabh added.

Increased take-home salary  

And then there’s the take-home salary, an essential piece of the financial puzzle. Many young workers feel the sting of high deductions, which leaves their take-home pay feeling rather underwhelming.

“Let’s be real, our take-home salary feels way too low compared to what we actually earn. The high deductions are killing us. It would be amazing if they adjusted things so we could actually take home more of our salary,” said Adarsh Jha, 23, a new IT professional.

Looking beyond everyday expenses

From cafe outings to fuel costs and take-home salaries, Gen Z is hoping that this year’s budget will address their everyday concerns with practical solutions. Their wish list isn’t just about saving a few bucks; it's also deeply rooted in their future aspirations and broader societal needs.

Reduction in student loan interest

As the burden of student loans weighs heavily on many young minds, there’s a strong call for reducing interest rates on educational loans. This move would ease the financial strain on students and recent graduates, allowing them to focus more on their careers and less on debt.

“Student loans are such a huge burden. It would be a game-changer if they lowered the interest rates. That way, we wouldn’t feel so stressed trying to pay off our loans,” said Prakriti Roy, Student who recently cleared 12th grade.

Job creation and education

Employment is another critical area of concern.  They’re not just looking for jobs—they’re seeking meaningful opportunities in emerging fields such as technology, green energy, and creative industries.
“Seriously, we need more job opportunities, especially in new and exciting fields like tech and green energy," said Utkarsh (23), Student.

Advancements in education sector

A reinforced investment in education is crucial. Initiatives like the National Digital Library and PM eVIDYA are seen as vital for expanding access to quality educational content. Improvements in higher education infrastructure and increased incentives for research and development will help foster innovation and prepare students for future challenges.

Mental health and financial literacy

Mental health professionals like Hamna Ashraf are pushing for expanded access to mental health resources and funding for mental health programmes. Additionally, there is a growing demand for financial literacy programmes that will equip young people with essential money management skills.

Gen Z's expectations from the Union Budget 2024 encompass more than just immediate financial relief, they reflect a broader vision for a supportive and future-ready economy. They are looking for a budget that not only makes their daily lives easier but also invests in their long-term success and well-being.

(Source: Republicbiz)