As much as they might nag, we have to admit our parents definitely had a head start when it came to saving money. Most of our parents’ generation started saving for retirement once they got married by buying a house. However, as couples get married later and later in life, less and less young Singaporeans are even planning to buy a place. Only one third of young Singaporeans surveyed by EnjoyCompare.com plan to buy a house, many if they aren’t married, might not be able to do that until they’re 35 years old. As for the savings of 20 to 35 year olds surveyed, 25 percent have saved less than $6000 while 36 percent have no savings. Those are pretty scary numbers.
50 percent of Singaporeans reported that they were not prepared to retire comfortably with enough money, although they were more focused on long-term financial planning than the global average in HSBC’s The Future of Retirement Report. If you need a few ideas on how to kick-start your savings plans, we have a few suggestions that could work for you in your 20s and 30s. When it comes to saving money you need to start somewhere right?
Text: The New Savvy
Additional reporting: Karen Fong
Images: Envato Elements