SINGAPORE, Sept. 22 (Xinhua) -- A survey conducted by personal finance website SingSaver found that Singaporean Gen Zs, who are aged between 18 and 23, are savvier than their millennial counterparts, who are aged between 24 and 39, when it comes to saving habits.
According to a press release issued on Tuesday, the survey analyzed 1,000 responses from these two demographics across Singapore to better understand their saving habits, investing habits and financial knowledge.
It found that 85 percent of Singaporean Gen Zs started saving before the age of 22, while just 41 percent of Singaporean millennials did the same. It also found that younger Singaporeans have more determination when it comes to budgeting, as 65 percent of the Gen Zs said they stick to their budget "often" and "very often", comparing to 56 percent of the millennials.
Besides, the survey found that 80 percent of Singaporean Gen Zs and millennials said they invest, but six in ten of these respondents said they are "very new to" or "have a basic understanding of" investing. The top three investment products Singaporean Gen Zs and millennials prefer to invest in are bonds/stocks, real estate and mutual funds, which were selected by 59 percent, 41 percent and 35 percent of the respondents, respectively. Meanwhile, 57 percent of the respondents still use a basic, low yield savings account.
"As we look towards recovery, it is crucial for young Singaporeans to become more financially aware as they adapt to a new environment," said Prashant Aggarwal, Chief Commercial Officer, CompareAsiaGroup and Interim Country Manager, SingSaver.
SingSaver is part of CompareAsiaGroup, a series B-funded online financial marketplace whose investors include Goldman Sachs, Alibaba, World Bank Group member IFC, and Experian. Enditem
