Survey: Singaporean Millennials Are Less Likely To Be Materialistic

Survey: Singaporean Millennials Are Less Likely To Be Materialistic

Do stereotypes about materialistic, self-obsessed millennials hold true? Results of Frank by OCBC’s Frankly Asked Questions survey seem to suggest otherwise.

The study, which collected responses from 866 Singaporeans aged 16 to 29, found that millennials are more likely to favour life experiences over physical possessions, and are passionate about social causes.

Here are some key insights of the study:

Millennials are less likely to care about fame and material goods

Only 32% if the respondents are motivated to achieve fame, and less than half of millennials said that they want to acquire physical possessions when they have the money.

Instead, millennials are more likely to care about society, societal issues and new technologies. 77% said that it was important to give back, while 73% are concerned about their parents’ finances for retirement. Most of the respondents are concerned about social causes such as human rights, poverty, environmental awareness, helping the elderly and mental health awareness.

Millennials value stability and work-life balance

Millennials are often branded as idealistic or impractical, but Frank by OCBC’s survey found that 70% of respondents will only consider marriage once they reach stability in their career. 83% want to secure a regular income instead of starting a family, while only 45% would consider being a freelancer. However, work-life balance is their top concern in finding the ideal job.

On the other hand, millennials have low entrepreneurial aspirations. Only 42% said that starting a business is an important goal in the next 5 years.

Millennials generally have positive financial attitudes but lack knowledge

Millennials generally have positive financial attitudes. Most of them (71%) proactively set aside money to save (although 41% struggle to stick to their saving plans) and 75% know how much they spend every month.

However, while 69% of the respondents want to start buying insurance policies, only 44% consider themselves knowledgeable about insurance.

Similarly, 71% want to start investing, but only 38% consider themselves knowledgeable about investing.

Millennials value self-growth and new experiences

86% of respondents said that their life motivation was to understand their inner selves, and 82% said that gaining life experiences will be a priority when they have sufficient funds.

In the meantime, at least one stereotype about millennials seem to ring true: 76% like to try new and different things, and a good half of them said that they often try out new and trendy restaurants.

Sources [1, 2, 3]

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