90% of young Singaporeans worried about financial future
A study commissioned by NTUC Income through Neilsen, showed that 90% of young Singaporeans are worried about their financial future and feel that they are not ready.
80% of them already lack confidence about their current financial situation.
Over 1000 youths ages 18 to 29 were surveyed from a variety of life situations including those who are still in Poly and Uni as well as those who are in the workforce.
Generally, the survey also found that at least 80% of youths are not planning for emergency expenses well.
But then again, seriously… do we need a survey to tell us the obvious?
So from now on, start listening to your insurance agent when he tells you that you should set aside at least 10 months of salary set aside for emergency costs. Sounds like good advice? Ah, ha… according to the survey 80% of you young Singaporeans feel that 3 months salary was enough to have set side.
Everyone thinks that in order to have a comfortable retirement, you need about $1m. Yet the survey shows that the youths of today are saving only an average of $382k. (Does your $1xxk minimum sum sound like such a big deal now?)
So before you blow your salary on a new car, a vintage Chanel bag or that new iPhone, think about these things first…