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Are young Singaporeans spending too much?

Young adults are often written off as self-indulgent and financially irresponsible, blowing their money on Grab and S$7 coffee instead of saving for the future. Is that truly the case?

Ry-Anne Lim

Ry-Anne Lim

Published Fri, Mar 17, 2023 · 04:00 PM
    • Young Singaporeans are more financially aware than given credit for, say experts.
    • According to an Endowus report, in the face of rising costs, younger Singaporeans are less likely to cut down on non-essential expenses than previous generations.
    • Expenses of millennials grew by almost 30 per cent, hinting at pent-up spending, says DBS head of financial planning literacy Lorna Tan.
    • There is a significant increase in the awareness of retirement savings among young Singaporeans, says UOB head of group personal financial services Jacquelyn Tan.
    • Endowus head of financial planning and editorial Jamie Lee highlights that young Singaporeans should be mindful of lifestyle creep and even higher inflation with luxury spending.
    • Vasu Menon, executive director of investment strategy at OCBC, notes that younger Singaporeans recognise the importance of building their wealth earlier and faster.
    • Young Singaporeans are more financially aware than given credit for, say experts. PHOTO: ISTOCK
    • According to an Endowus report, in the face of rising costs, younger Singaporeans are less likely to cut down on non-essential expenses than previous generations. CREDIT: CRU
    • Expenses of millennials grew by almost 30 per cent, hinting at pent-up spending, says DBS head of financial planning literacy Lorna Tan. PHOTO: YEN MENG JIIN, BT
    • There is a significant increase in the awareness of retirement savings among young Singaporeans, says UOB head of group personal financial services Jacquelyn Tan. PHOTO: UOB
    • Endowus head of financial planning and editorial Jamie Lee highlights that young Singaporeans should be mindful of lifestyle creep and even higher inflation with luxury spending. PHOTO: ENDOWUS
    • Vasu Menon, executive director of investment strategy at OCBC, notes that younger Singaporeans recognise the importance of building their wealth earlier and faster. PHOTO: OCBC

    IT IS Thursday evening. Instead of heading home like the rest of her colleagues, Rachel Lee sets off to her favourite spin studio in Chinatown. 

    There is nothing quite like the thrill of these classes – the thumping music, flashing neon lights and tribal adrenaline rush – to melt away her stress and worries. The perfect way to recuperate after a long and arduous work day. 

    The 29-year-old recognises that this might not be the most cost-efficient hobby. A single class is priced at S$46, or S$25 if you buy a package of 200. Still, this is a weekly routine Lee could never give up, even amid economic uncertainty and personal financial pressures.

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