Baby boomers were found to be the most financially prepared when it came to having sufficient rainy-day savings
SINGAPORE: A new study by United Overseas Bank has revealed that over one in four Singaporeans aged 18 to 25 feel financially unprepared.
These rules include having emergency savings equivalent to three to six months’ worth of expenses, obtaining insurance for critical illness, death, and total permanent disability, investing at least 10% of take-home pay for retirement, and making wills and CPF nominations. When it comes to insurance, the study revealed stark gaps between Gen Z and the broader population. Only 17% of Gen Z respondents had critical illness insurance, compared to 37% of respondents across all generations.
Despite their challenges with insurance and legacy planning, younger Singaporeans appear to be more proactive when it comes to emergency savings and investments. On the investment front, Gen Z and Gen Y were the most active, with 55% and 62% of respondents, respectively, stating that they are investing.
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