4. Those aged 25 to 39 spent the most on food, clothing and shoes, and energy costs, while those aged 21 to 24 are more likely to spend on habits
The majority of respondents aged 25 to 39 typically spend the most of their money on clothing, shoes, and utilities ( roughly six in ten ), or at least eight in ten of them.
Another important investment for those in this age group was Telco charges, with over half of them citing this as one of their major monthly payments.
For the youngest demographic, aged 21 to 24, meal was no remarkably a major investment, named by 82. 4 percent, but only 38 percent of them listed energy costs. 7 per share ) than older responders.
According to Ms. Lee, she engages in her interests” about once every different month.” Recently, she spent S$ 15 on a KTV machine, adding that she now tries to think a bit more before splurging on frivolous items.
I did take it into account before buying it because I frequently bundle up products in my vehicle without making a decision. I might regret it, but I do n’t mind buying it as I usually go for karaoke sessions with my friends,” she said.
Mr Asyraf Ahmad, a 23-year-old scholar studying language and psychology at Nanyang Technological University, told Now that he has tried to cut down on his saving.
He also occasionally makes money on car rentals because of his love of taking” for fun” on trips.
5. About seven out of ten responders had at least one retirement savings plan, with over eight in ten of them largely or consistently adhering to it.
Some 70. 3 percent of respondents reported having a “more or less” pension benefits program. The older people were more likely to have done it, whereas those between the ages of 21 and 24 were just as likely to be sticking to their pension savings plans.
Nearly two-thirds, or 65. 1 per cent, of those aged 30 to 34 have a retirement savings program while only 40. 7 per cent of those aged 21 to 24 do. About 60 per cent of those aged 25 to 29 and 35 to 39 have even tried to figure this out.
Ms. Lee often saves money and has fund programs and opportunities that allow her to make a lump amount after a few years.
She does, however, acknowledge that she is a little behind on her ideas given that she is on the lower ending of the income spectrum.
As for Mr. Ahmad, who works part-time as a financial advisor and earns about S$ 800 per month, he has goals for savings but does not have specific retirement savings plans, primarily because he is young.
I have savings goals and make them as often as I can, but I do n’t have a concrete plan because I’m still in college and things can still change. – He said,” I still have two more years to go before I graduate,” so I still think I have time to consider it.
According to Dr. Teo, the survey results show that students are” not that spontaneous when it comes to their budgets.”
They take note of both the costs of living and what they can and cannot afford, and they make monetary decisions appropriately. It does dispel the myth that younger people are spontaneous and do not have any future plans, he said.
This article was published in  at the beginning. Now.