Financial Wellness for Young Millennials
“Good insurance plans mirror your personal growth while better plans anticipate your trajectory.” If you were born around the years from 1977 to 1995, you are a millennial. You have a good grasp of the importance of insurance as part of sound financial health. According to a 2019 survey on Millennial attitudes towards Insurance1, 7 in 10 millennials believe in buying insurance. More than half are aware of different insurance products while a good 44% consider themselves knowledgeable on insurance products. Savvy as you are, young working millennials in Singapore are also showing signs of biting off more than they can chew when it comes to taking on financing and personal loans for commitments such as weddings, buying a car or home. In fact, 20-somethings are among the biggest delinquents in personal debt repayment in our country. Quoting a recent Straits Times2 article, “an average personal loan and overdraft balances for borrowers from 21 to 29 years old shot up to $49,689 in the firs