Want to understand the landscape of financial planning in 2023? This DBS study analysed anonymised and aggregated data and there's a lot to digest here.
Here's what will likely to impact you as a young adult: SAVINGSImproved wallet bandwidth for most, except for boomers and low income groups w/ savings dipping below the advised 3-6 months
INVESTMENTSInvestments growth likely channelled from savings, and shifts towards less risky assets
CREDIT CARDS debt looks manageable despite the increase in card spending
GIG WORKERS expenses outpace income & their tapping into their savings more
MORTGAGES are rising but remain manageable except for the low-income group who are using more of their income growth to repay their mortgage
All the deets here:
