Disaster in the making: 4 out of 5 young Singaporeans have no savings

Yuppies are on the brink of a financial crisis.

Most Singaporeans aged 20-35 years old are just one missed payment away from a financial disaster. Figures released today by a Singapore based financial website point to a shocking lack of financial planning by younger people, as 4 out of 5 respondents have no savings at all.

According to a survey by EnjoyCompare.com, majority of people in the said age bracket could lose their homes within three months if they became unemployed because they have no savings to fall back on in an emergency.

Figures obtained by EnjoyCompare.com show that a quarter of young people have savings of less than $6000, while 36% have no savings at all. This compares with the average savings of $60,000 for people in their parents' age range.

Four-fifths of people surveyed said they had spent money they should have been putting aside for a mortgage deposit. Only a third of people plan to buy a home rather than rent.

Here’s more from EnjoyCompare.com:

"These are shocking figures," said EnjoyCompare.com ‘s Mark Hall, "The current generation are seemingly living for the day and spending their money rather than putting some aside for when it might be needed.

"This is endemic of what's rapidly becoming known as the 'renting generation', who would rather not save money for a mortgage, pension or even for emergencies.

"In fact, we've seen surveys that show people spending money they admit they ought to be saving. Where's the sense in that?" he added.

“It’s shocking but the average Singaporean graduate spends 40% of their salary on rent, while another 9% is spent on student loan repayments.

"There's so little money going into investment or savings that some people are finding themselves rapidly up to their necks when they hit troubled times," said Hall, "Some people are just one missed payment from disaster."

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