Despite Singapore’s reputation for financial prudence, a recent study by ADP reveals that 60% of Singaporeans are living paycheque to paycheque, surpassing the Asia-Pacific average. This financial strain is particularly felt by younger generations, who are redefining financial resilience. Visa’s latest study highlights that nearly half of Singapore’s Gen Z view financial independence as a major life goal, significantly higher than the regional average of 33%.
The financial landscape for young Singaporeans is challenging, with rising living costs and stagnant wages. However, the desire for financial independence remains strong. Many young people are eager to take control of their financial futures, yet lack the necessary tools and knowledge. MoneyHero, a leading personal finance platform, is addressing this gap by promoting financial literacy and long-term habits.
Rohith Murthy, CEO of MoneyHero, recently spoke at the Seedly x SingSaver Personal Finance Festival, attended by nearly 4,000 Singaporeans. He emphasised the importance of financial discipline and preparedness, providing step-by-step guides to achieving financial independence. Murthy, a seasoned fintech leader, is committed to helping individuals navigate the complexities of today’s economy.
The study underscores the importance of financial literacy and the role of digital finance tools in empowering consumers. As economic pressures grow, platforms like MoneyHero and SingSaver are crucial in helping Singaporeans, especially Gen Z, make informed financial decisions. The focus on automation and AI-driven platforms is also highlighted as a means to maintain financial discipline and reduce stress.
