A recent study by financial services company UBS on top-earning millennials in several countries threw up some surprising results.
Over 200 high-earning Singaporean millennials making more than $100,000 a year – the top 20% of earners in their age group – were surveyed about their work and financial status.
The results? Probably not what you’d expect of the “strawberry generation”.
1. They feel pessimistic about the future
We’ve all read the bad news about the Singapore economy, and this is something millennials are also acutely aware of.
In fact, of the millennials in the 10 markets surveyed by UBS, Singaporean millennials showed the least confidence about achieving their financial goals.
That’s pretty alarming, given that these were the top earners in their generation, each earning a minimum of $100,000 annually.
37% also felt their financial aspirations were thwarted by limited social networks, which was significantly lower than the 28% global average. Perhaps all those long hours spent at the office have been taking a toll on their social lives?
2. They want the security of a stable job
Do away with the stereotype of millennials hires craving flexibility and being about to run away any second to join a start-up.
All that talk about the slowing economy has made millennials worry that their incomes and careers will suffer, and as such they are actually quite attached to traditional ways of working.
That means that high-earning Singaporean millennials tend to prefer a stable job with a steady paycheck – rather than flexibility and new entrants in the market – compared to their counterparts worldwide.
3. They aren’t as likely to dream of starting their own businesses or moving overseas for work
A recent report stated that 75% of Singaporean millennials want to be their own boss.
But this study states otherwise – compared to their peers in other countries, high-earning Singaporean millennials aren’t really that likely to dream of starting their own businesses, or to want to move overseas for work.
In fact, 30% of the millennials who responded to the survey thought they were less entrepreneurial than their own parents.
This is actually in line with the trend of Singapore’s highest academic performers entering “safe” careers in medicine, law, banking and the civil service.
While there are increasing numbers of young Singaporeans freelancing, entering the start-up scene or dreaming of going overseas to work, they are but a small minority. And the highest earners in Singapore are actually quite happy to stay where they are.
How do you feel about your financial situation?
By Joanne Poh, MoneySmart, December 2016
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