Singaporeans work longest hours a week and are world’s most sleep deprived.
Recently, UBS (a Swiss global financial services company) investigated the views of top-earning millennials across the world… asking them about their aspirations and attitudes to working and how they view wealth.
While millennials everywhere seem to be looking more to experiences than possessions, there are some differences in aspirations market by market. Millennials in the most developed markets – the US, UK and Singapore – are all firmly focused on the notion of experience more so than developing economies, who have less unified, more disparate aspirations.
86% of top-earning millennials aspire mostly to something other than being rich in possessions or cash.
More than 1 in 3 (36%) consider exciting experiences to be the embodiment of a wealthy lifestyle.
As low as 44% in Singapore are confident in achieving their wealth aspiration.
In Singapore, there seems to be a sense of tension felt because the industries currently dominant in the market are ‘traditional’ whereas the industries millennials aspire to work in are more innovative.
1 in 4 (26%) in Singapore say they expect their limited tech skills to have a negative influence on their financial security.
They are also the most likely to see themselves as less entrepreneurial than their parents (30%).
Level of education is the most often identified enabling factor globally, with 61% of all millennials believing this will have a positive influence on their financial security (and this is the highest scoring factor in every market except Singapore and China), followed by their ambition (49%) and their level of flexibility and adaptability (48%).
The job market and economic policy are in the top three stated barriers in all markets surveyed except Singapore, where family responsibilities and limited social networks are more important.
Among the top 20% in Singapore, as high as 56% aren’t confident in achieving their wealth aspiration.
Do you think the remaining 80% are confident of having enough money for their future?
Could it be due to Singapore having the lowest real rate of return on their pension fund (aka CPF)?
Could it be due to Singapore having a government that includes the cost of land to jack up the prices of public housing (aka HDB)?
Could it be due to Singapore having a healthcare system that makes the affordability of healthcare an issue to many Singaporeans?
Among the top 20% in Singapore, 26% expect their limited tech skills to have a negative influence and 30% see themselves as less entrepreneurial.
Do you think the remaining 80% believe they have any positive influence or is entrepreneurial?
Could it be due to Singapore having a rigid education system that doesn’t encourage creativity or to be innovative?
Would the above be the reason as to why Singaporeans are the second longest working people in this world at 48 hours a week?
Would the above be the reason as to why Singaporeans are the world’s most lacking in sleep, being deprived of hours a week?
Would the above be the reason to why Singaporeans are the least emotional people on earth?
Then again, when you have a population that enjoys voting for a government that
doesn’t return the money earned from the pension fund…
doesn’t take care of the people's healthcare and even profit from the sale of public housing…
and continuously violates fundamental rights to freedom of expression as well as public assembly…
to ban some citizens from gathering at Hong Lim Park Speakers’ Corner or to disqualify one from standing for parliamentary election…
While millennials everywhere seem to be looking more to experiences than possessions, there are some differences in aspirations market by market. Millennials in the most developed markets – the US, UK and Singapore – are all firmly focused on the notion of experience more so than developing economies, who have less unified, more disparate aspirations.
86% of top-earning millennials aspire mostly to something other than being rich in possessions or cash.
More than 1 in 3 (36%) consider exciting experiences to be the embodiment of a wealthy lifestyle.
As low as 44% in Singapore are confident in achieving their wealth aspiration.
In Singapore, there seems to be a sense of tension felt because the industries currently dominant in the market are ‘traditional’ whereas the industries millennials aspire to work in are more innovative.
1 in 4 (26%) in Singapore say they expect their limited tech skills to have a negative influence on their financial security.
They are also the most likely to see themselves as less entrepreneurial than their parents (30%).
Level of education is the most often identified enabling factor globally, with 61% of all millennials believing this will have a positive influence on their financial security (and this is the highest scoring factor in every market except Singapore and China), followed by their ambition (49%) and their level of flexibility and adaptability (48%).
The job market and economic policy are in the top three stated barriers in all markets surveyed except Singapore, where family responsibilities and limited social networks are more important.
Among the top 20% in Singapore, as high as 56% aren’t confident in achieving their wealth aspiration.
Do you think the remaining 80% are confident of having enough money for their future?
Could it be due to Singapore having the lowest real rate of return on their pension fund (aka CPF)?
Could it be due to Singapore having a government that includes the cost of land to jack up the prices of public housing (aka HDB)?
Could it be due to Singapore having a healthcare system that makes the affordability of healthcare an issue to many Singaporeans?
Among the top 20% in Singapore, 26% expect their limited tech skills to have a negative influence and 30% see themselves as less entrepreneurial.
Do you think the remaining 80% believe they have any positive influence or is entrepreneurial?
Could it be due to Singapore having a rigid education system that doesn’t encourage creativity or to be innovative?
Would the above be the reason as to why Singaporeans are the second longest working people in this world at 48 hours a week?
Would the above be the reason as to why Singaporeans are the world’s most lacking in sleep, being deprived of hours a week?
Would the above be the reason to why Singaporeans are the least emotional people on earth?
Then again, when you have a population that enjoys voting for a government that
doesn’t return the money earned from the pension fund…
doesn’t take care of the people's healthcare and even profit from the sale of public housing…
and continuously violates fundamental rights to freedom of expression as well as public assembly…
to ban some citizens from gathering at Hong Lim Park Speakers’ Corner or to disqualify one from standing for parliamentary election…
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