The millennial generation is in their prime now, ranging from 25 years old to 40 years old.
They make up 33% (744,600) of the Singapore’s labour force according to the Ministry of Manpower statistics in 2020. This makes them significant contributors to the economy and their earning powers have also increased.
This means that millennials have built up some wealth and there’s an increasing need to manage it.
Millennials approach money differently from their parent’s generation. Even the way that they built their wealth differed. This is normal because the influence, culture, opportunities, and wealth management options have changed over time.
Let us examine some of these differences.
Millennials made their wealth on the internet while their parents made it through brick-and-mortar businesses
The internet has boomed since the early 2000s and millennials were at the forefront of this development.
Entrepreneurial millennials have built businesses online and accumulated wealth in the