Known for their love of avocado toast and social media, millenials are often criticised for not being financially savvy or forward thinking. Not only that, they expect to retire earlier than older generations despite expecting to live longer. But how do their financial habits really compare to other generations? And how do Singapore’s millennials compare to young people around the world?
How Do Millennials Compare to Other Generations in Singapore?
According to Credit Bureau Singapore, there is evidence indicating that millennials are less financially responsible than other generations. For example, millennials are more likely to be behind on their personal loan repayments and more likely to default on personal loans compared to other generations. In fact, borrowers ages 21 to 29 were more than twice as likely to default on personal loans than borrowers that are at least 40 years old.
With that said, millennials tend to be …