Are Singaporeans Millennials really not financially geared up for the future?

Credit: The Straits Times

In a recent article on The Sunday Times Singapore, it was reported that a large majority of Singaporean youth are not ready for what is coming ahead in life — especially with soaring healthcare costs and increasing costs of living. I got interested so I decided to prod further to understand what aspects of this is to be true and what can be done about it.

The article cites various sources from HSBC studies conducted on the concerns of Singaporeans and it was quite interesting that Health came out as #1. I would personally conclude that this is not really that surprising as with today’s digitally connected world, every other news article or video proves how everything we consume or drink would potentially be carcinogenic and cause cancer.

Quite morbidly, it would seem to be a joke; but unfortunately, it is from personal experience with my dad having a stage 4 Brain Cancer for the past 2 years, and it has not been easy, especially for my mother who is his caregiver.

Even more interestingly, the article quotes:

“More than most other nationalities, Singaporeans are worried that poor health in later life is going to stop them from being able to properly look after themselves or their family.”

It is true — Financially it potential becomes a huge burden. If not for the NTUC Income insurance that my parents had bought almost 10 odd years ago when my dad was still in a clean bill of health, his brain operation together with his ward stays could have cost us upward of $70,000 in total.

Even worse, a study by Prudential Singapore below in fact highlighted that a gulf in the preparedness of these working adults and financial literacy. Especially the infographic on the right where it states almost 6 in 10 think that they are ready to cope but only sadly 2 in 10 sufficiently covered.

In conclusion

It may be very easy to write off such occurrences… but in today’s day and age, it is becoming clear:

“Health is Wealth” -Some wise prophet

So today, new technology platforms have surfaced to bridge this gap, and allow you to compare independently across different insurance policies — PolicyPal, Gobear, or Moneysmart.

At the very least, every young working adult looking to start a family should begin to understand where all your expenses are going every month, before its too late to lose it all in one serious accident or bad turn of events.

Stay healthy and perhaps, head off for that gym or exercise session like right now :) and keep your body energised and refreshed.

Kenneth, from Seedly

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