Singapore Gen Z, young millennials likely to overspend: survey

By Dat Nguyen November 15, 2024 | 02:00 am PT

Singaporeans in their 20s and 30s are more likely to spend beyond their means to keep up with peers compared to older age groups, a new survey has found.

27% of people in their 20s (Gen Z) and 20% of those in their 30s (young millennials) admit that they tend to overspend, according to a survey by Singapore-based lender OCBC.

There was an 8-percentage point increase in the ratio of overspending Gen Z respondents compared to 2023.

The tendency to overspend is significantly lower among older age groups, with only 10-16% of respondents aged 40 and above admitting to such habits.

The survey also highlighted impulsive buying as an issue among younger Singaporeans.

It found that people in their 20s are most likely to make spontaneous purchases, such as concert tickets, plane tickets or online shopping.

Around 41% of respondents in their 20s admit to this habit, and the ratio declines gradually among older age groups.

The survey pointed out that 41% of Gen Z only pay the minimum sum required for their credit card bills, which is considered an undesirable financial habit.

Overall, OCBC has found that the ratio of Singaporeans who invest has increased 9 percentage points year-on-year to 88%.

The annual online survey, which began in 2019, polled 2,000 adults between the ages of 21 and 65.