Young Singapore adults have started retirement planning, but are unsure about debt management: survey

According to a new survey by Citi Foundation and SMU, about one in three young adults polled are not confident about managing debt. The survey is aimed at understanding the factors influencing financial wellness, including financial literacy, among young adults in Singapore. It shows how resilient they are in withstanding financial challenges, especially in the light of the Covid-19 pandemic and the disruptions it can cause. SMU President Professor Lily Kong said, "The survey findings are an important reference for various stakeholders to formulate intervention measures for different young adult groups to level up their financial literacy, and beyond that, strengthen their financial resilience." SMU Assistant Professor of Finance (Education) Aurobindo Ghosh, Head of the Financial Inclusion, Wellness and Resilience survey research project, who is also Programme Director and Principal Investigator of Research for the Citi Foundation-SMU Financial Literacy programme, said that through this ongoing research, the project seeks to produce a comprehensive quantitative measure of participants' financial wellness and resilience. This can be the benchmark for future improvements and help researchers to study the relationship among the various components of financial wellness, he added.

The Business Times