Singapore / Young workers are saving more

Contrary to popular belief that young Singapore workers spend more than they save, a survey has found that they save more than their older peers.

According to a survey by career builder, JobsCentral Group, 46 per cent of workers who are between 21 and 30 years old said they save more than 20 per cent of their income.

That’s almost double the savings of those who are between 41 and 50 years old.

Only one quarter of workers in this age group said they save more than 20 per cent of their income.

The survey team described these findings as encouraging.

It said older workers may be saving less as they have more financial responsibilities like mortgage and car payments, as well as supporting a family.

For the survey, 20 per cent was set as the benchmark of good savings habits.

Overall, 56 per cent of Singapore workers save less than one-fifth of their income each month, while another 5.2 per cent do not save at all.

Choosen excerpts by Job Market Monitor from 

via Young workers save more than older peers: survey – Channel NewsAsia.