Insurance is not top priority amongst Singapore’s Gen Zs and millennials: Poll

Only 20% have thought of retirement plans whilst 14% are interested in insurance.

In terms of financial freedom, the younger generation is least likely to prioritise insurance and retirement plans, a Prudential survey revealed.

About six out of 10 Singapore youths prioritise building up their savings more. This was followed by prioritising building their wealth (49%), and investing (41%).

Notably, only 20% think about retirement plans whilst 14% are interested in insurance coverage.

“Insurance is an important component of financial and retirement planning as it not only provides protection for you and your family, but also helps to build your wealth and cushion the impact of inflation. If you are adequately insured when you are young and healthy, you can achieve financial freedom as you pursue your life goals with peace of mind knowing you are well-protected against unexpected life events.” said Ben Tan, Chief Corporate Development Officer, Prudential Singapore.

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Over 76% of Gen Zs and Millennials believe that financial success involves having the freedom to pursue desired lifestyles without money worries. The poll delves into the goals of Singapore residents aged 16 to 29 starting their careers.

Furthermore, 65% of the 1,000 respondents consider work-life balance as a crucial aspect of financial success. 

This indicates that while financial security matters, young individuals also prioritise a well-rounded life that includes travel, societal contributions, and personal well-being.

The emphasis on work-life balance suggests that young people don't solely rely on intense work (hustling) for financial success. They aim to build wealth through investments and passive income, aiming for a more fulfilling life. About 58% express a desire for early retirement.