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61% of young adults think acceptable to ask parents for financial help: Survey
Singapore residents in their 20s found it more acceptable than those in their 30s, according to the survey.
SINGAPORE — About three in five (61 per cent) young adults aged 20 to 39 think asking for financial help from their parents is acceptable, according to a survey by Singapore-based research firm RySense.
The survey, which was conducted between 14 to 24 August 2023 among 678 Singapore residents aged 20-39 through an online poll, found that more young adults in their 20s considered it acceptable to ask their parents for financial help compared to those in their 30s. This is most apparent in the areas of tertiary education, healthcare, housing and wedding expenses.
When asked if they would in turn extend financial help to their future adult children, those currently in their 20s indicated more willingness than those in their 30s to extend such help. However, this help does not always come for free — at least four in 10 of those who voice willingness to help their future adult children expect at least some form of financial repayment.
Financial planning and goals
Results of the survey also revealed that close to nine in 10 (87 per cent) respondents have started financial planning. However, a closer look showed that about one in five (17 per cent) of respondents aged 20 to 29 have not started planning for their financial goals. Additionally, more than half of the survey's respondents said that they plan for most or all of their financial goals concurrently, as opposed to one at a time.
Among those who have started financial planning, 72 per cent said that saving more and cutting down daily expenses was a key method to achieving their financial goals. This is followed by increasing salary through main employment (50 per cent), such as career progression, and having a passive income, such as through investments (44 per cent).
The top personal financial priority or goal among the survey's respondents was building up sufficient savings for emergencies (59 per cent). This is followed by having sufficient money for retirement (50 per cent), supporting family (49 per cent) and paying off housing or saving up to buy a home (48 per cent).
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