Young S’poreans do not save

Young S’poreans do not save

More than three in 10 young Singaporeans (36 per cent) have no savings at all, while 25 per cent have less than $6,000, according to a Singapore-based financial website.

In contrast, the average savings of people in their parents' age group work out to $60,000, reported The Business Times yesterday.

"These are shocking figures," said Mark Hall of credit card loan and travel comparison website EnjoyCompare.com.

"The current generation is seemingly living for the day and spending money rather than putting some aside for when it might be needed.

"This is endemic of what's rapidly becoming known as the 'renting generation', who would rather not save money for a mortgage, pension or even for emergencies."

Eighty per cent of those polled said they had spent money they should have saved for a mortgage deposit.

Meanwhile, only a third plan to buy a house, as opposed to renting one.

According to the report, 40 per cent of the salary of an average Singaporean graduate is channelled towards rent.

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