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Singapore investors believe their next generation will be worse off financially: research
AMONG investors aged 35 and older, 44 per cent believe that the generation following theirs will be financially worse off than they are, according to new research from Manulife.
The findings also reveal that job security is diminishing. Just 29 per cent of the investors who participated in the Manulife's Investor Sentiment Index in Asia believe job security has improved since their parents' generation while 40 per cent believe it has worsened. Nearly half (48 per cent) believe the next generation will become less secure still.
Across different areas of life, Singapore investors are least satisfied with their finances, with just 38 per cent being happy with their financial situation. In contrast, 61 per cent are happy with their marriage/family relationships. Investors are also more satisfied with their social relationships and health than they are with their financial situation.
A lack of financial security and stability may boil down to job hopping. According to the study, Singapore's younger investors are changing jobs more rapidly than their counterparts in China. In Singapore, investors under age 35 change jobs on average every 3.4 years, more frequent than the 3.8 years in China.
"In Singapore young workers are eager to climb the ladder to secure great career opportunities. Yet workers who change jobs frequently may not gain access to the same level of financial security and stability as those with more stable careers. To manage the financial risks that go along with changing jobs frequently, it's important for young workers to invest early and seek out professional financial advice. Saving and building wealth for the future is essential to prepare young workers for rainy days and unexpected events that can affect earnings," said Naveed Irshad, president and CEO of Manulife Singapore.