Gen Y In Singapore Are Not Saving Enough
Most Gen Y in Singapore are not aware on the importance of saving and are not saving enough despite the need of paying rents like those in the Western countries. Most of them have the habit to spend more than they earn. Most of them also do not have a plan for retirement. A good article to read in looking more in depth of the Gen Y in Singapore below.
If you don’t have to pay rent, other than groceries, utilities and your cellphone bill, most of your other spending is discretionary spending—you spend on things you don’t really need, but which you can afford, so why not?
And based on the high levels of discretionary spending many Gen Y Singaporeans engage in, they’d better be having a whole lot of fun.
People are going to protest and say that the money is never enough in Singapore, blah blah. But take a look around and count how many people you see with the latest iPhone and iPad and you’ll see that young people do have a lot of money with which to do as they please.
Kim, a 30-year-old marketing executive, knowingly spends more than she earns every month shopping on websites like ASOS and Taobao. She used to earn more but recently took a pay cut and now dips into her savings to fund her shopping expenses. Kim, who is married but lives with her parents, does worry sometimes about her financial situation. “My husband has a lot of career potential and in a few years’ time I think he will be earning more than $15,000 a month. So I don’t want to make my already stressful life miserable by trying to save a bit of money that can make me happier if I spend it.”
What to do? Poor time management is often at the root of this problem. You need to anticipate unnecessary expenses and make it a priority to avoid them. For example, if you forsee yourself leaving work late, pack dinner the night before to bring to work and print hard copies of some of your work documents so you can leave work a bit earlier and read them on your way home, instead of eating out and then catching a cab back late at night. Why Are Gen Y Singaporeans Saving So Little Despite Not Having to Pay Rent? – MoneySmart.sg
Remember to plan your finance early and start saving for your retirement plan early. Do feel free to contact our advisory to assist you in financial planning.