7 in 10 of Singapore’s youngest millennials aren’t confident about their finances – but most are positive they’ll see improvement soon

Singapore Press Holdings

Singapore’s youngest millennials may not be confident about their current financial situations, but a majority of them are positive that things will get better, a study has found.

The study by AXA Investment Managers revealed that only 30 per cent of Singaporeans aged 22 to 30 were confident about their current personal financial situation.

In contrast, 40 per cent of all respondents surveyed, and 57 per cent of older respondents above 55 years of age felt the same way.

Interestingly, despite having the lowest proportion of respondents who felt confident, the 22 to 30 age group had the highest proportion of people who were optimistic about future financial situations. In total, 68 per cent of those in this group were “upbeat” on their personal finances looking ahead three years.

Based on more than 1,000 people from the top 80 per cent income earners across Singapore, the AXA’s “Voices” report said that only 54 per cent of all Singapore respondents, and 52 per cent of those above 55 felt the same way.

When asked what their key financial goals were, 40 per cent of 22 to 30-year-olds said it was to be able to buy a home.

Respondents from other age groups had different priorities though. The study found that 40 per cent of all Singapore respondents indicated “having an income in retirement”; 39 per cent indicated “having a safety net in case anything goes wrong”; while 26 per cent indicated “being cared for in old age” as one of their priorities.