It has been revealed that 64% of the Singapore Millennials live with the belief that they can survive further and it is their duty to support themselves for survival. In the meantime, 8% of the Singapore people believe that the millennials have set a strong foundation for a future retirement.
In the first place, it would be ideal to recognize the plot of the population which falls under the “Millennial” category. Millennials are considered to be the people who were born between the years 1980 to 1997. This particular survey represents the views and opinions of 1007 Singaporeans.
It is quite clear that majority of Millennials are planning to retire at the age of 60. It is actually two years prior to overall average. It should also be noted that only 16% of the Millennials are planning to continue their career or business even after the age of 65. It has been discovered that Singapore Millennials are considered to be having the worst retirement prospects among any other generation.
50% of the Singapore Millennials believe that they are in a weaker economic position compared to the previous generations. It should be noted that 44% of the population agrees for the fact that they are paying the penalty for the poor economic administration of the previous generations. It has also been revealed that Singapore will join along with 33 other nations as a Super-aged country. This is when one out of every five people is either 65 or older.
It is not about the negative prospects all the time. 61% of the Singaporeans believe that the millennials enjoy the privilege of a quality life than any other previous generation. It has also been revealed that 68% of the population will have great control over their retirement including a well set semi-retire option.
The report highlights the fact that 75% of the Millennials have a saving plan for their future retirement. The average age for starting the saving plan within Singapore is at a rate of 27.65%. It should be noted that 55% of the population seeks for information to support their future financial decisions. The rest of the population hunts for the best deals to get their preferred return.
The report also highlights the fact that the Singapore Millennials have a better risk taking ability in investment opportunities compare to previous generations. This is to give a boost to their future retirement savings. It has also been revealed that 31% of the population is willing to take high risk for investments to ensure financial stability and at the same time the high risk taking index for the generation X and baby boomers are 26% and 27% respectively. This proves the fact that the millennials within Singapore are willing to take high risk than any other age category of the populations. Considering the overall picture, it should be noted that the Singaporeans are considered to be having a low risk appetite compared to other countries across the globe.
You can read more on this research done by HSBC by downloading the report dated 17th May 2017 via the link below
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