I have a cousin in her late 30s, who is part of the sandwiched generation. Last year, due to the pandemic, her job security was under threat. She feared the worst and tightened her belt, just like many Singaporeans. Thankfully, with the Government’s support schemes, she managed to retain her position.
Last week, I received a call from her seeking advice on how to better manage her savings. I found out that her emergency funds have far exceeded 6 months of her income. She is now keen to make her money work harder for her instead of leaving them in the savings account.
It appears that my cousin is part of a growing trend.