A new report by UBS which surveyed millennials aged between 18 and 34 across 10 different markets reveals some insights into the attitudes of the young and well-heeled in Singapore.
Even with a minimum income of $100,000, only 44% of the top 20% of earners in their age bracket surveyed felt that they have already achieved success or are confident about being financially successful.
While the report did not mention any specific reasons, it could appear that the high costs of living in Singapore are some impediment to affording material goods which are symbolic of success.
For instance, a new entry-level BMW 3-series – which is widely seen as a car for successful young professionals – start at US$33,000 in the USA while the same car costs S$174,000 in Singapore.
This 44% optimism can be contrasted with an average of 59% for the other markets which include the Britain and Australia. The most confident were millennials from India with 77%.
The report also noted that “Millennials in Singapore feel their progress is stalling compared to their parents’ generation.”