SINGAPORE — Among working adults in Singapore, millennials — aged 21 to 39 — are the group most worried about money matters, such as not being able to take care of loved ones, afford a house or keep up with their peers. They are also less prudent with their spending.
These findings were released on Monday (Nov 23) as part of the OCBC Financial Wellness Index, which was launched last year.
This year’s survey was conducted online in September and asked 2,000 working adults, Singaporeans and permanent residents aged 21 to 65, about their financial habits and attitudes.
The index was calculated using 10 criteria related to financial wellness, such as saving habits, regular investing and manageable debts. A score of 75 and above indicates that a respondent is on track to meet his financial targets.
The overall index dipped slightly from 63 in the inaugural index in 2019 to 61 this year, showing that Singaporeans are a little less financially healthy overall.
“We had hoped that the index would improve from 2019 or remain the same, but the financial impact of Covid-19 on Singaporeans was undoubtedly reflected in the drop in the index,” said Ms Koh Ching Ching, OCBC Bank’s head of group brand and communications.
The survey showed that Singaporeans are less able to pay off housing loans and plan for retirement, and have less regular passive income compared with last year.
On average, respondents underestimated the amount needed for retirement by 32 per cent, and three-quarters were not on track for retirement planning.
Among millennials, 57 per cent have retirement plans and 55 per cent have made arrangements for their loved ones’ finances after their death, compared to national averages of 63 per cent and 67 per cent respectively.
Read more at https://www.todayonline.com/singapo...roups-more-likely-pay-minimum-credit-card-sum
These findings were released on Monday (Nov 23) as part of the OCBC Financial Wellness Index, which was launched last year.
This year’s survey was conducted online in September and asked 2,000 working adults, Singaporeans and permanent residents aged 21 to 65, about their financial habits and attitudes.
The index was calculated using 10 criteria related to financial wellness, such as saving habits, regular investing and manageable debts. A score of 75 and above indicates that a respondent is on track to meet his financial targets.
The overall index dipped slightly from 63 in the inaugural index in 2019 to 61 this year, showing that Singaporeans are a little less financially healthy overall.
“We had hoped that the index would improve from 2019 or remain the same, but the financial impact of Covid-19 on Singaporeans was undoubtedly reflected in the drop in the index,” said Ms Koh Ching Ching, OCBC Bank’s head of group brand and communications.
The survey showed that Singaporeans are less able to pay off housing loans and plan for retirement, and have less regular passive income compared with last year.
On average, respondents underestimated the amount needed for retirement by 32 per cent, and three-quarters were not on track for retirement planning.
Among millennials, 57 per cent have retirement plans and 55 per cent have made arrangements for their loved ones’ finances after their death, compared to national averages of 63 per cent and 67 per cent respectively.
Read more at https://www.todayonline.com/singapo...roups-more-likely-pay-minimum-credit-card-sum
