≡-Singapore’s GenZ Confident About Future, but Faces New Challenges, Impacting Long-Term Tourism and Economic Growth – Viral of Today

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August 29, 2025A recent survey by Prudential Singapore has shed light on the financial outlook of Gen Zs (aged 16-28) in Singapore, revealing an optimistic view of their future. Despite facing challenges in the current economic climate, over half (51%) of Gen Zs expressed confidence in their ability to retire well. They are hopeful that they will be able to cover daily necessities, healthcare costs, and other expenses over the next 60 years. However, the survey also highlighted several key areas where this generation remains underprepared.Survey Insights and Key FindingsThe SG60 Financial Future Poll, which included 1,000 residents aged 17 to 76 years, aimed to understand the readiness of Singaporeans for retirement. The survey was conducted in July 2025 and explored how different generations view their financial futures. Notably, while Gen Zs displayed more optimism than millennials (45%) and Gen Xs (38%), they also had certain reservations about their financial preparedness, especially in terms of planning for retirement.According to the findings, while 51% of Gen Z respondents expressed confidence in being able to retire comfortably, an overwhelming 72% admitted that they currently do not have a retirement plan in place. As many of them are either still in school or at the beginning of their careers, their primary focus is on growing their earning potential. This age group plans to start saving for retirement once they have more disposable income later in life.While Gen Z remains hopeful, it is clear that they still have much to learn about the importance of early retirement planning. As these individuals begin their careers, many of them are also grappling with financial pressures, making it challenging to prioritize long-term financial goals like retirement.Work and Life Preferences Shaping Financial GoalsOne of the standout trends identified in the survey is the unique work/life preferences of Gen Zs. A significant 41% of this generation expressed a desire to earn income from multiple streams, a clear indication of their entrepreneurial mindset. Additionally, 60% of Gen Zs indicated that they value career advancement over work-life balance—something that differs significantly from the preferences of older generations who prioritize time away from work.The Gen Z generation also places a high value on flexibility in the workplace. Approximately 32% of Gen Zs expressed a preference for remote work opportunities that would allow them to travel and work from various locations. This desire for work-life integration reflects a deeper yearning for freedom and flexibility. Furthermore, 22% of Gen Zs stated an interest in having multiple “micro-retirements”—short breaks from work to pursue personal passions or travel before fully retiring.Interestingly, despite the lack of immediate retirement planning, more than half (54%) of Gen Zs believe they will retire by the age of 60, with 20% aiming to retire even earlier, at 50. This early retirement goal is often driven by their wish to balance their passion for work with an equally strong desire for leisure and life experiences.The Importance of Financial Planning for Long-Term SuccessPrudential Financial Advisers Singapore CEO Jeff Ang emphasized that while Gen Zs are optimistic about their future, they must not overlook the importance of starting financial planning early. He noted that Gen Zs are confident due to the thriving nation they have grown up in, which has provided them with abundant opportunities. This optimism is well-founded, but Ang also cautioned that delaying retirement planning could hinder their long-term success.Ang stressed that even though young people may be focused on earning and building their careers, it is vital for them to seek financial advice early in their careers. He mentioned that financial planning doesn’t require large sums to start. Instead, Gen Zs can begin by contributing small amounts consistently, which will pay off over time, thanks to the power of compounding.Optimism and hustle can certainly lead to success, but when coupled with sound financial planning, this combination is what will truly enable Gen Zs to achieve long-term financial independence and security.Valuable Lessons from Baby Boomers’ Financial ExperienceThe survey also revealed that Gen Zs could benefit from the advice and experience of older generations, particularly Baby Boomers (aged 55 and above). It was found that nearly all Baby Boomers (94%) regretted not starting their retirement planning earlier. Many of them wished they had begun making financial decisions 12 years earlier, at age 28, rather than waiting until they were 40.On average, Singaporeans across all generations felt they should have started their financial planning five years earlier than they did. This insight underscores the critical importance of taking early action when it comes to retirement planning.Financial Awareness and the Path Forward for Gen ZThe findings from the SG60 Financial Future Poll indicate a growing awareness among Gen Z about their financial future, but they also highlight a clear need for education and strategic planning. While many in this generation are eager to enjoy the freedom of flexible work arrangements and achieve early retirements, it is important for them to remember that achieving financial independence requires more than just optimism—it requires thoughtful, long-term financial planning.As Gen Zs continue to enter the workforce, they will benefit from gaining a deeper understanding of how to manage their finances, build wealth, and prepare for retirement. By combining their ambition and confidence with financial education and advice, Gen Zs can set themselves up for a stable and prosperous future.[Source: Asianinsurancereview]

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