The Manulife Investor Sentiment Index (MISI)* revealed that eight in 10 Singapore millennials are optimistic about living their desired retirement lifestyle.
- Only five out of 10 are currently on track to achieving their financial goals; one of the lowest in Asia
- Majority plan to supplement about 20% of their retirement income by continuing to work full or part time
- Investing in property popular among millennials but only 58% of investors satisfied with rental yields
The millennials represent an entire generation of adults who have been born into the digital age, with unfettered access to technology and social mobility. Despite these advantages, millennials have continued to struggle to save and plan for their golden years. Why so?
Besides a volatile economic and socio-political climate, changing mind-sets of the millennial generation also play a big part. For many millennials, the financial freedom to do what they want in the near future may take greater priority than putting away money in order to retire comfortably.
To incite a change, millennials have to be more proactive about securing the best possible future for them and their loved ones. When it comes to saving and planning for retirement, the key is to start as early as possible. If you too are a millennial, and feel that you have fallen behind in achieving your financial goals, speak to our professional planners who will be glad to offer our financial advice and a suite of retirement solutions to cater for your needs.
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