Young workers save more than elder peers

[RadX]

DUH! of course lah....elder ppl got house, car, mistress mortgage.....wtf...even i can conclude [:p]

 

 

 

SINGAPORE: Contrary to popular belief that young Singapore workers spend more than they save, a survey has found that they save more than their older peers.

 

According to a survey by career builder, JobsCentral Group, 46 per cent of workers who are between 21 and 30 years old said they save more than 20 per cent of their income.

 

That's almost double the savings of those who are between 41 and 50 years old.

 

Only one quarter of workers in this age group said they save more than 20 per cent of their income.

 

The survey team described these findings as encouraging.

 

It said older workers may be saving less as they have more financial responsibilities like mortgage and car payments, as well as supporting a family.

 

For the survey, 20 per cent was set as the benchmark of good savings habits.

 

Overall, 56 per cent of Singapore workers save less than one-fifth of their income each month, while another 5.2 per cent do not save at all.

 

The majority spend the bulk of their salary on necessities like food, transport and allowances for parents or children.

 

About a quarter (24%) spend the bulk of their pay on entertainment, while 15 per cent said they would spend mostly on travel.

 

One-quarter of those surveyed (25.5%) said they would save 21 per cent to 40 per cent of their salary, up from 19.7 per cent in 2011.

 

Those earning S$7,000 to S$7,999 per month are big on savings, with 62 per cent most likely to save over 20 per cent of their salary.

 

This is followed by those who earn S$6,000 to S$6,999 (51%) and S$8,000 to S$8,999 (50%).

 

The online survey was conducted between September and October 2012, involving about 3,300 respondents.

 

- CNA/ir

[Beehive3783]

sibeh talk c--k. with age comes commitments, which dumbass doesn't know that?

[RadX]

sibeh talk c--k. with age comes commitments, which dumbass doesn't know that?

 

 

yah lor..summore wyoung earn how much??? and old how???? looking from a White collar prespective, where salaries go up.....i hope

[Mustank]

save marnie no use one inflation erode away these savings?!?!? older workers know this and they buy property to insulate themselves from inflation and build up a retirement asset

 

 

[Porker]

yah lor..summore wyoung earn how much??? and old how???? looking from a White collar prespective, where salaries go up.....i hope

 

I save $17.15 per month from my $1,000 salary. Exactly 1.715%

Edited January 22, 2013 by Porker

[Mockngbrd]

Those earning S$7,000 to S$7,999 per month are big on savings, with 62 per cent most likely to save over 20 per cent of their salary.

 

This is followed by those who earn S$6,000 to S$6,999 (51%) and S$8,000 to S$8,999 (50%).

win liao ...

[Spidey10]

sibeh talk c--k. with age comes commitments, which dumbass doesn't know that?

 

somemore ask to have children....more the merrier.....then how to save??? :angry:

obvious right....no need to do survey. waste of $$...probably the co that does the survey is related??? hhmmmm

[Deckbuild]

I save $17.15 per month from my $1,000 salary. Exactly 1.715%

 

 

Your figure lack a 0, edited for you below

 

I save $171.50 per month from my $10,000 salary. Exactly 1.715%

 

Or maybe two 0

 

I save $1715.00 per month from my $100,000 salary. Exactly 1.715%

 

But still you only save 1.715%

[En0203]

20% of 8k is 1.6k and 50% of 3k is 1.5k. Absolute amount is more important than percentage

[Nullifi3d]

young people save up only to blow it all off on the wedding, conti car, condo.

[Picnic06-Biante15]

Really make no sense at all ....

 

Young got no commitment and surely can save more from their pay packet. Once got married (which is old) see if they can save more when he have to feed his families ...

[HP_Lee]

That survey may not be totally true. Remind me on 2011 survey on Singaporean happiest index. What a joke on today's survey. Did not include other angles and statistics. Just make me again.

[Celicar]

Different stage in life what. You slog so hard, when young save, then when older then enjoy a bit lor. Anyway, like those with families, divide divide, if want to bill each family member, the young in the family will have to declare bankrupt already.

[Watwheels]

Young ppl should take a look at the savings interest rate of sgp banks. Needless to say it's pathetic. Tha's why older smarter ppl invest their savings on things like property to let it appreciate. No point saving money in banks.

Edited January 23, 2013 by Watwheels

[Happily1986]

Young ppl should take a look at the savings interest rate of sgp banks. Needless to say it's pathetic. Tha's why older smarter ppl invest their savings on things like property to let it appreciate. No point saving money in banks.

 

You think they are doing savings for returns?

 

 

[Tonyhawk]

is it because CPF contribution is lower when you are older?

[Vidz]

young save cos our hdeebee can be a million dollars each...

that put things in perspective...