The findings debunks some myths about reckless spending among younger people.
SINGAPORE - Younger adults here are not really impulsive spenders and likely to spend within their means, but a substantial number will buy stuff that makes them happy without worrying about the future, according to a survey.
Higher-income earners are also more likely to use credit cards to cope with rising costs, while lower-income earners are more likely to defer purchases. The IPS team noted that eight in 10 respondents have at least a rough idea of how much they are spending, but still worry whether they are spending too much.“Young people are quite conservative and thoughtful about their spending, and will work on ensuring that they stay within budget,” she added.
This could be because of a different perspective on what it means to be prudent, said Dr Teo. The university-educated respondents might be more well-versed about financial instruments and how loans work, making “getting into debt” sound less negative, she said. More than four in 10 respondents said they make more impulse purchases when using BNPL plans, as these plans make it easy to buy things they do not need and they buy more than they can really afford because of BNPL. And 67.8 per cent said they make more purchases per month after using BNPL plans.
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