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Young people saving more than older folk, UOB data shows
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UOB data shows young people in the mass and emerging affluent segment more savings and deposits than their older counterparts.
PHOTO: ST FILE
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- Singaporean young adults are prioritising higher savings due to worries about job security, potential income loss, and economic instability, exceeding recommended emergency funds.
- UOB data shows young people (17-39) hold 80% of assets in savings, with national statistics showing a 10% increase in currency/deposits to $696.1 billion in the third quarter of 2025.
- Despite market concerns, advisors like Providend's Tan Chin Yu suggest young families continue investing regularly, leveraging their longer investment horizon.
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SINGAPORE – Procurement manager Cheah Kun Cheng, who got married earlier in 2025, is holding a year’s worth of emergency funds, beyond what is recommended by the Monetary Authority of Singapore’s Basic Financial Planning Guide.
Mr Cheah, who is 36, told The Straits Times that young families have many financial commitments such as home renovation expenses and unforeseen medical needs. A loss of income could thus become challenging, especially for families with young children, he added.
