The Citi Foundation and Singapore Management University (SMU) survey shows that 33 % of young adults are unsure about managing debt, with a major chunk unable to sustain bare survival. With the growing awareness about Central Provident Funds (CPFs), the majority of the participants have become digitally literate with more indulgence towards budgeting, borrowing, retirement funds and savings. While aspects like finance, investments, earnings and comprehending risks rank behind. The objective of the survey was to understand and analyze the financial obstacles endured in the aftermath of the coronavirus pandemic.
Additionally, young adults across diverse disciplines of the study presented a difference in their financial wellness and resilience scores. Respondents who studied business & information technology had a greater percentage of higher percentile scores, whereas respondents from disciplines such as art, media and dentistry had lower. This proved useful as the survey acted as a perfect reference for numerous stakeholders to create intervention methods for different young adult groups to be educated on their financial literacy and resilience.
Head of the financial inclusion, wellness and resilience survey research project Assistant Professor Aurobindo Ghosh said, “Financial wellness and financial resilience are key factors of personal and professional development goals that are catalyzed by financial inclusion. Individuals with working financial knowledge and thus sufficient financial wellness and resilience at an early stage can make more informed economic decisions and judgments vis-a-vis the aggregate population.”
The survey targeted individuals aged between 18-30 aiming to understand the factors affecting financial wellness and financial literacy among young adults in Singapore.