S1E22: How financially literate are Singapore’s youth?

Feb 27, 2023

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Why youths do not want financial advice from a 'suit', but from those they can identify with.

Synopsis: Every second and fourth Monday of the month, The Straits Times takes a hard look at social issues of the day with guests.

ST's podcast editor Ernest Luis and business journalist Tay Hong Yi invite two young Singaporeans in their early 30s to share their own financial literacy awareness, and concerns about the financial knowledge level of youth in the country.

Shubaashini Vijayamohan is a lead designer with ThinkPlace Singapore and Kenneth Lou was previously the co-founder of personal finance community Seedly till last year, and he is now looking at new start-up ventures in the healthcare sector.

They discuss highlights from a new poll on youth financial literacy commissioned by the National Youth Council. The survey had 500 youth participants aged 16-34. The full poll results will be out on March 1 at the Youthopia website: https://str.sg/wFbN

This episode is brought to you by the National Youth Council, in support of Forward Singapore: https://str.sg/wFbx

Highlights (click/tap above):

1:45 Over half of survey respondents said they engage in financial planning, with a quarter saying they plan to

6:15 Why financial confidence still not high among youth

10:40 Why youth want a source of unbiased and factual truth that is not what financial institutions push; rise of 'FinFluencers' (financial influencers who are not dressed in suits)

13:28 Tips for youth: Using robo-advisors, avoiding being a 'leaky bucket'; dealing with 'fear of missing out'

20:25 Investments rank the highest goal in terms of financial literacy for those surveyed: Why insurance and protection should be foundationally important

22:55 Context: Big difference between a child's pocket money and when an adult gets the first pay cheque, credit card

Listen to Pt 1: Mentoring youths and how professionals can drive Mentoring SG - https://str.sg/ikqK

Listen to Pt 2: Listen to 2 singles react to new youth poll on public housing priorities - https://str.sg/wtPm

Listen to Pt 3: Listen to a young married couple reacting to new youth poll on public housing priorities - https://str.sg/wtPW