Singaporean aged 18-23 more savvy in saving habits than Millennial counterparts

SINGAPORE (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 yesterday, the survey analysed 1,000 responses from these two demographics across Singapore to better understand their saving habits, investing habits and financial knowledge.

It found that 85 per cent of Singaporean Gen Zs started saving before the age of 22, while just 41 per cent of Singaporean millennials did the same. It also found that younger Singaporeans have more determination when it comes to budgeting, as 65 per cent of the Gen Zs said they stick to their budget “often” and “very often”, comparing to 56 per cent of the millennials.

Besides, the survey found that 80 per cent of Singaporean Gen Zs and millennials said they invest, but six in 10 of these respondents said they are “very new to” or “have a basic understanding of” investing.