, Singapore
1060 views
Photo by Koke Cheng from Pexels

Insurance is not top priority amongst Singapore’s Gen Zs and millennials: Poll

Only 20% have thought of retirement plans whilst 14% are interested in insurance.

In terms of financial freedom, the younger generation is least likely to prioritise insurance and retirement plans, a Prudential survey revealed.

About six out of 10 Singapore youths prioritise building up their savings more. This was followed by prioritising building their wealth (49%), and investing (41%).

Notably, only 20% think about retirement plans whilst 14% are interested in insurance coverage.

“Insurance is an important component of financial and retirement planning as it not only provides protection for you and your family, but also helps to build your wealth and cushion the impact of inflation. If you are adequately insured when you are young and healthy, you can achieve financial freedom as you pursue your life goals with peace of mind knowing you are well-protected against unexpected life events.” said Ben Tan, Chief Corporate Development Officer, Prudential Singapore.

ALSO READ: Nine out of 10 HK, GBA policyholders trust their personal data with insurers: Survey

Over 76% of Gen Zs and Millennials believe that financial success involves having the freedom to pursue desired lifestyles without money worries. The poll delves into the goals of Singapore residents aged 16 to 29 starting their careers.

Furthermore, 65% of the 1,000 respondents consider work-life balance as a crucial aspect of financial success. 

This indicates that while financial security matters, young individuals also prioritise a well-rounded life that includes travel, societal contributions, and personal well-being.

The emphasis on work-life balance suggests that young people don't solely rely on intense work (hustling) for financial success. They aim to build wealth through investments and passive income, aiming for a more fulfilling life. About 58% express a desire for early retirement.

 

Follow the link for more news on

Join Singapore Business Review community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!