FINANCIAL SERVICES | Staff Reporter, Singapore

Singapore's Millennials tighten grip on money amidst pandemic

About 27% revealed that their borrowing rose in the last month.

Six in 10 Singaporean Millennials have found it hard to manage their daily finances since the pandemic began, with only 18% feeling in control of their own money, according to a Standard Chartered survey.

One in four (27%) have also said that their borrowing have increased in the last month. In comparison, only 53% of those aged 45 and above have had difficulty in managing their finances, with 15% reporting that their borrowing rose during the same period.

Despite this, 38% of Millennials are more confident that they can achieve their long-term financial goals than they were before the pandemic started. Across a range of financial goals, 45% are saving more for retirement and 32% are saving for a major purchase.

To meet these ambitions, Millennials are tracking and budgeting their spending (41%), and altering their daily spending (43%). One in four (24%) started using a new money management or budgeting app since the pandemic began.

In contrast, only 25% of those over age 45 feel more confident they’ll reach their financial goals, with those over 55 the least confident about achieving their financial goals since the pandemic started.

When citing their biggest concern when it comes to reaching their financial goals, uncertainty around income is the most common worry across all generations, the report said.

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