Young high-income earners more likely to 'buy now, pay later': 5 findings of IPS-CNA survey on youth finances

Young high-income earners more likely to 'buy now, pay later': 5 findings of IPS-CNA survey on youth finances

A joint survey by the Institute of Policy Studies and CNA has just found that nearly seven in 10 young Singaporeans have used such a scheme, with higher income earners more likely to have done so. Mr Tan said that he uses SPayLater, a plan offered by e-commerce firm Shopee and another plan Atome to pay for purchases in instalments.

On this finding, IPS researcher Dr Teo Kay Key said that high-income earners will have more liquidity in their bank accounts to use for different expenses than low-income earners and can spend more in general. The study identified reasons such as"fewer financial obligations","different lifestyle", and their parents"paying for some expenses in their stead" as reasons for this.

One younger person who has felt the pinch is Ms Laura Lee, a 24-year-old business management student at the Singapore Institute of Management. Respondents aged 25 to 39 tended to spend the largest chunk of their income on food clothes and footwear , and utility bills . "I did consider before buying it, I would usually stack up items in my cart and I won't buy them straightaway. I might regret it, but I don't mind buying it as I usually go for karaoke sessions with my friends," she said.

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