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50% of young people in Singapore are actively investing: AIA survey
However, three in five failed to constantly update their financial knowledge and track investment progress regularly.
SINGAPORE — Young consumers aged 18 to 24 years old are prioritising their financial wellness early in life by actively investing, according to a consumer survey conducted by insurer AIA.
Results from the AIA Live Better Study 2023 showed that 50 per cent of respondents in this age group were growing their investment portfolios, while 30 per cent have acquired insurance protection in the past year.
AIA said that the survey was conducted from November 2022 with more than 500 Singapore consumers each quarter who were aged 18 to 55 and above, and investigated the current state of wellness, goal-setting behaviour, commitment, confidence, and progress within each key facet of wellness.
The survey also revealed that while young consumers had ambitious financial goals, three in five of them failed to constantly update their financial knowledge and track their progress regularly. It concluded that this put them at risk of not being able to achieve their goals, which will in turn negatively impact their financial well-being.
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Furthermore, the survey showed that among Singapore consumers who have not done any financial planning in the last 12 months, 40 per cent have indicated that they are unsure of how to go about it.
Those who have made financial plans cited challenges that impacted their financial planning goals: 33 per cent said they faced unexpected expenses that have not been budgeted for, 26 per cent said they struggled to adhere to their budgets consistently, and 25 per cent said they make impulsive purchases that lead to overspending.
Overall, while the study's results showed that Singapore consumers have a higher aptitude for being slightly better at financial planning and setting goals for financial wellness, it also showed that they had lesser knowledge and failed to track their progress regularly.
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