The first ever Frank by OCBC's Frankly Asked Questions has come up with results suggesting that many millennials and young people in Singapore have a life goal of securing jobs that offer regular income.
According to Business Insider Singapore, 83 percent of respondents indicated that their ultimate goal in life is to have a secure job that pays regularly. The study also showed that 79 percent of the 866 respondents believe Singaporean employers should consider adapting to the needs of younger employees.
Furthermore, the OCBC survey revealed that 69 percent of the respondents said they wanted to invest their money and to secure sufficient insurance plans. However, only 38 percent of the young working adults and students surveyed confirmed that they have knowledge about investing and insurance policies.
The study showed interesting results when respondents were asked if they wanted to invest money they've saved and if they want to have an insurance plan. A huge number of the respondents said they wanted to but they are not confident with their knowledge about these finance segments.
Analysts pointed out that the study clearly calls for youth in Singapore to be exposed and educated appropriately about the benefits of insurance policies. Experts said it is also just as important to inform millennials about how to invest and what are the potential risks that come with investing to avoid regrets and wrong turns.
A similar online poll by Youth.SG, a portal backed by Singapore's National Youth Council (NYC), revealed that seven in 10 youth think school is not completely helping them obtain all the knowledge and skills they need for future work positions.
The findings prompted talks about the importance of lifelong learning among millennials as they are expected to keep discovering new things about the workforce, future investments, and securing insurance policies, even without obtaining knowledge about these topics while in school.
On the other hand, analysts recommended that the government should invest more time and efforts in helping Singaporean millennials have proper education about finance-related topics since they will need the knowledge in their future dealings and career choices.
Earlier this month, Singapore's Parliament announced an action plan to give the country's young people a chance to speak their minds in the city-state's national programs for the future. The government unveiled a new initiative that targets that will allow youth to present issues that they think are pivotal in bringing change.
Through the initiative, Singapore's youth will also be allowed to present potential solutions to the issues they will raise. Youth leaders will be appointed to take part in a wide array of organizations and industries where they will help enhance the SG Youth Action Plan.
