Core Insights - Singapore is experiencing a shift in financial behavior, with rising costs and a focus on experiences leading to decreased long-term financial planning [1][5][11] Economic Context - 60% of Singaporean workers were living paycheck to paycheck in 2024, significantly higher than regional averages [3] - Real median employment income fell by 0.4% annually from 2019 to 2024, reversing previous growth trends [8] - The cost of living index in Singapore rose 11% year-over-year, ranking fifth globally and first in the region [6] Consumer Behavior - Young Singaporeans are increasingly spending beyond their means, with fewer making retirement plans compared to previous years [4][5] - A survey indicated that 72% of Singaporeans view the cost of living as their top concern, outpacing other issues like healthcare [7] - The rise of "buy now, pay later" schemes has contributed to a culture of immediate gratification, with BNPL transactions reaching SG$440 million in 2021 [12] Housing Market - Resale prices of public apartments rose 9.6% in 2024, exacerbating financial pressures on residents [9] - High property prices are attributed to limited land and reliance on imports, which also affects inflation [10] Generational Differences - Younger generations exhibit less urgency in saving compared to their parents, influenced by marketing and lifestyle aspirations [14][15] - The current generation prioritizes experiences over savings, with many feeling financially secure due to living arrangements and lack of immediate financial burdens [17][18]