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

SINGAPORE: Even with a take-home pay of S$10,000 a month, Mr Leon Tan, 32, is using a"buy now, pay later" scheme – a payment method allowing consumers to pay for purchases down the track in instalments.

The survey was conducted in 2022, with the full findings released on Monday . Some of the initial findings were discussed on an episode of CNA's Talking Point programme in April last year.1. About two-thirds of respondents have used a"buy now, pay later" plan, with high-income earners or those with credit cards more likely to have used at least one

"A dollar today is worth more than a dollar in the future, so I think it is worth it to use a 'buy now, pay later' plan to save on costs now," he told TODAY. Across income brackets and employment, those earning below S$3,000 were most likely to think they spend more than they earn while full-time employees are the least likely to think so.

The vast majority of respondents have felt personally affected by the rising cost of living, with those aged 21 to 24 generally feeling more heavily affected than older respondents. Ms Lee, who earns an average of about S$1,500 to S$2,000 a month from her two part-time jobs said that she now tries to cook and eat at home more frequently to cut costs.Commentary: Size of cost-of-living relief in Budget 2024 suggests long-term focus on economic resilience

For the youngest cohort, aged 21 to 24, food was not surprisingly a key outlay, named by 82.4 per cent but fewer of them listed utility bills than older respondents. Some 70.3 per cent of respondents had a retirement savings plan or had"more or less" done so. Older people were more likely to have done this while those aged 21 to 24 were slightly less likely to be sticking to a retirement saving plan.

Inflation Young People

Singapore Latest News, Singapore Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

CNA brand to be introduced in the US, UK and Canada for audience interested in content about AsiaThis is part of CNA's expansion strategy announced during CNA’s 25th anniversary celebration.
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Young high-income earners more likely to 'buy now, pay later': 5 findings of IPS-CNA survey on youth financesSINGAPORE — Even with take-home pay of S$10,000 a month, Mr Leon Tan, 32, is using a "buy now, pay later" scheme — a payment method allowing consumers to pay for purchases down the track in instalments.
Source: TODAYonline - 🏆 1. / 99 Read more »

Singaporean Chef Makes History at World Young Chef Young Waiter CompetitionChef Ian Tan, a former part-time waiter, becomes the first Asian chef to win the World Young Chef Young Waiter competition with all-Asian dishes.
Source: straits_times - 🏆 5. / 69 Read more »

Concert review: Young Singapore talents rule at two recitalsPianist Jessie M., 17, played a barnstorming recital while a slew of young violinists led the way in re:Sound Collective's concert.
Source: The Straits Times - 🏆 8. / 63 Read more »

Miss Saigon musical to hold auditions for role of young Tam in Singapore runThe role of Tam is open to children between the ages of four and eight, with a maximum height of 115cm. Auditions will be held on Apr 27 and 28.
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Singapore Airlines flight bound for Singapore turns back to Sydney due to technical issueA Singapore Airlines flight bound for Singapore had to turn back to Sydney after a technical issue was discovered. The flight eventually took off again and landed in Singapore later in the day.
Source: The Straits Times - 🏆 8. / 63 Read more »