Young people in Singapore are showing increased interest in getting insurance, but many feel they are not knowledgeable enough it.
A survey by OCBC Bank found that around 69% of people aged under 30 in Singapore want to buy insurance products and 71% are looking to invest.
However, around 44% of respondents do not think they know enough about either vehicles, but all believe it is in their best interest to be more financially aware.
The study was based on data from 866 students and young adults aged 16 to 29 based in the city state.
Most of those who took part were women (56%) and 44% were male.
The majority (74%) had already started saving and 71% had made provisions to.
But 41% were still struggling to find a way to put money aside.
Financial literacy on the rise
“Financial literacy and transparency are two fundamental elements of what our clients look to us for,” said Nick Glover, general manager at private wealth management firm Meyado.
Interest in insurance and investments is “most likely down to the fact [that they are] the primary discussion points in any country where national health systems are not provided”, he added.
As a result, individuals in Singapore are “exposed to both insurance and investment products from a young age”.
