Chart of the Day: Singaporean youths' top financial goals
One-fifth of those aged 16 to 19 want to start a business before reaching 25.
Singaporean youths’ top financial goal before or by reaching the age of 25 is to buy their own house, a joint study by Singapore University of Social Sciences (SUSS) and Great Eastern has found.
Based on the study, the goal to buy a house was highest amongst 25-year-olds (48.2%), followed by 20-24-year-olds (41.7%), and 16-19-year-olds (38.7).
The second most important goal across all age brackets was to pay off loans, with 21.9% of 16-19-year-olds, 24.4% of 20-24-year-olds, and 30.0% of 25-year-olds, saying they aim to achieve this.
Having their first car, however, is not amongst 25-year-olds’ priorities, with only 15.1% saying it is part of their goal. It’s also not a milestone that 16-19-year-olds (22.1 % yes vs 77.9% no) and 20-24-year-olds (20.3% yes vs 79.7% no) wish to achieve.
Starting a business is likewise not on the horizon for 25-year-olds, with only 15.9% saying they wish to establish one at their current age.
Amongst age brackets, the 16 to 19-year-olds had the highest inclination toward starting a business (19.8%), and 20 to 24-year-olds (15.2%) were the most averse.