Singapore’s Genz Confident About Future, But Faces New Challenges, Impacting Long-term Tourism And Economic Growth

Published on August 29, 2025

A caller study by Prudential Singapore has shed ray connected nan financial outlook of Gen Zs (aged 16-28) successful Singapore, revealing an optimistic position of their future. Despite facing challenges successful nan existent economical climate, complete half (51%) of Gen Zs expressed assurance successful their expertise to discontinue well. They are hopeful that they will beryllium capable to screen regular necessities, healthcare costs, and different expenses complete nan adjacent 60 years. However, nan study besides highlighted respective cardinal areas wherever this procreation remains underprepared.

Survey Insights and Key Findings

The SG60 Financial Future Poll, which included 1,000 residents aged 17 to 76 years, aimed to understand nan readiness of Singaporeans for retirement. The study was conducted successful July 2025 and explored really different generations position their financial futures. Notably, while Gen Zs displayed much optimism than millennials (45%) and Gen Xs (38%), they besides had definite reservations astir their financial preparedness, particularly successful position of readying for retirement.

According to nan findings, while 51% of Gen Z respondents expressed assurance successful being capable to discontinue comfortably, an overwhelming 72% admitted that they presently do not person a status scheme successful place. As galore of them are either still successful schoolhouse aliases astatine nan opening of their careers, their superior attraction is connected increasing their earning potential. This property group plans to commencement redeeming for status erstwhile they person much disposable income later successful life.

While Gen Z remains hopeful, it is clear that they still person overmuch to study astir nan value of early status planning. As these individuals statesman their careers, galore of them are besides grappling pinch financial pressures, making it challenging to prioritize semipermanent financial goals for illustration retirement.

Work and Life Preferences Shaping Financial Goals

One of nan standout trends identified successful nan study is nan unsocial work/life preferences of Gen Zs. A important 41% of this procreation expressed a desire to gain income from aggregate streams, a clear denotation of their entrepreneurial mindset. Additionally, 60% of Gen Zs indicated that they worth profession advancement complete work-life balance—something that differs importantly from nan preferences of older generations who prioritize clip distant from work.

The Gen Z generation besides places a precocious worth connected elasticity successful nan workplace. Approximately 32% of Gen Zs expressed a penchant for distant activity opportunities that would let them to recreation and activity from various locations. This desire for work-life integration reflects a deeper yearning for state and flexibility. Furthermore, 22% of Gen Zs stated an liking successful having aggregate “micro-retirements”—short breaks from activity to prosecute individual passions aliases recreation earlier afloat retiring.

Interestingly, contempt nan deficiency of contiguous status planning, much than half (54%) of Gen Zs believe they will discontinue by nan property of 60, pinch 20% aiming to discontinue moreover earlier, astatine 50. This early status extremity is often driven by their wish to equilibrium their passion for activity pinch an arsenic beardown desire for leisure and life experiences.

The Importance of Financial Planning for Long-Term Success

Prudential Financial Advisers Singapore CEO Jeff Ang emphasized that while Gen Zs are optimistic astir their future, they must not place nan value of starting financial readying early. He noted that Gen Zs are assured owed to nan thriving federation they person grown up in, which has provided them pinch abundant opportunities. This optimism is well-founded, but Ang besides cautioned that delaying status readying could inhibit their semipermanent success.

Ang stressed that moreover though young group whitethorn beryllium focused connected earning and building their careers, it is captious for them to activity financial proposal early successful their careers. He mentioned that financial readying doesn’t require ample sums to start. Instead, Gen Zs can statesman by contributing mini amounts consistently, which will salary disconnected complete time, acknowledgment to nan powerfulness of compounding.

Optimism and hustle tin surely lead to success, but erstwhile coupled pinch sound financial planning, this operation is what will genuinely enable Gen Zs to execute semipermanent financial independency and security.

Valuable Lessons from Baby Boomers’ Financial Experience

The study besides revealed that Gen Zs could use from nan proposal and acquisition of older generations, particularly Baby Boomers (aged 55 and above). It was recovered that astir all Baby Boomers (94%) regretted not starting their status readying earlier. Many of them wished they had begun making financial decisions 12 years earlier, astatine property 28, alternatively than waiting until they were 40.

On average, Singaporeans across each generations felt they should person started their financial readying 5 years earlier than they did. This penetration underscores nan captious value of taking early action erstwhile it comes to status planning.

Financial Awareness and nan Path Forward for Gen Z

The findings from the SG60 Financial Future Poll indicate a increasing consciousness among Gen Z about their financial future, but they besides item a clear request for acquisition and strategical planning. While galore successful this procreation are eager to bask nan state of elastic activity arrangements and execute early retirements, it is important for them to retrieve that achieving financial independency requires much than conscionable optimism—it requires thoughtful, semipermanent financial planning.

As Gen Zs continue to participate nan workforce, they will use from gaining a deeper knowing of really to negociate their finances, build wealth, and hole for retirement. By combining their ambition and assurance pinch financial acquisition and advice, Gen Zs can group themselves up for a unchangeable and prosperous future.

[Source: Asianinsurancereview]