Only 30 percent of Singapore’s millennials confident about their present financial situation

A new study by AXA Investment Managers shows that 7 out of 10 of Singaporeans from the ages of 22 to 30 are not very confident about their present financial situation, although most of them believe that things will get better in this aspect soon.

While only 30 percent of the respondents in this age group in AXA’s survey expressed confidence in their current financial condition, almost 60 percent of respondents aged 55 and older, as well as 40 percent of all the respondents, felt confident about their financial state.

But despite being the age group with the lowest confidence in their finances, today’s millennials had the most positive outlook, with 68 percent expressing the most optimism that their finances would improve in the future, in as little as 3 years. This is in contrast to the 54 percent of overall respondents who had an upbeat expectation about finances for the future, and, a little over half (52 percent) of the older respondents expressed the same confidence.

AXA’s “Voices” surveyed over one thousand people from the top four-fifths of the country’s income earners.

Furthermore, 40 percent of the millennial respondents said that buying a home was their key financial goal.

For overall respondents, “having an income in retirement” was the top goal of 40 percent of those who participated in the survey, while 39 percent answered “having a safety net in case anything goes wrong.” Twenty-six percent of the respondents answered that “being cared for in old age” was very important to them as well.

Read related: Millennials say Singapore “cannot take its success for granted”