90 percent of Singapore's youths don't feel financially prepared for the future, according to a recent Nielsen survey commissioned by NTUC Income.
Channel NewsAsia also reports that only 20 percent of those surveyed felt confident about their current financial status and that many are still lacking in planning knowledge.
While financial planners recommend saving up to 10 months of your income for unforeseen emergency uses, eight out of 10 respondents thought that a minimum of only three months was needed.
Youths were also seen expecting to retire at the age of 57 whilst their projected mean savings by retirement age were only $382,872 — this far from tallies with the $1,005,890 they projected as necessary for comfortable retirement.
The survey had a sample size of 1,000 – consisting of teenagers aged 18 – 29, all of which were final-year polytechnic students, university undergraduates, and fresh graduates in the working industry.
Photo: Austin Kirk via Wylio
90 percent of Singapore's youths don't feel financially prepared for the future, according to a recent Nielsen survey commissioned by NTUC Income.
Channel NewsAsia also reports that only 20 percent of those surveyed felt confident about their current financial status and that many are still lacking in planning knowledge.
While financial planners recommend saving up to 10 months of your income for unforeseen emergency uses, eight out of 10 respondents thought that a minimum of only three months was needed.
Youths were also seen expecting to retire at the age of 57 whilst their projected mean savings by retirement age were only $382,872 — this far from tallies with the $1,005,890 they projected as necessary for comfortable retirement.
The survey had a sample size of 1,000 – consisting of teenagers aged 18 – 29, all of which were final-year polytechnic students, university undergraduates, and fresh graduates in the working industry.
Photo: Austin Kirk via Wylio