Man in his late 20s feels insecure about having less than S$10k in savings

SINGAPORE: A working adult in his late 20s recently opened up online about feeling insecure over having less than S$10,000 in savings.

Posting on Reddit’s “Ask Singapore” forum on Tuesday (July 22), the man shared that he often feels left behind when his friends or colleagues talk casually about their investments and how much they’ve managed to save. Compared to them, he admitted, his progress feels painfully slow.

“It makes me question if I am saving enough,” he wrote. “When I unintentionally mentioned I have less than S$10k in savings, one of my colleagues seemed shocked, but I have started from zero due to my family background (S$0 savings), which gave me no extra money to save at all since I was little.”

He also mentioned that during the first few months of his job, every cent of his salary “only went into necessities.”

Now, although he earns enough to survive more comfortably, he finds himself torn. “Part of me wanted to be frugal and save everything, but another part of me wanted to enjoy the hard-earned money, as I had hardly ever spent on myself since I was young. However, that would mean my savings journey would be slowed.”

“Keep disciplined and save over time; you’ll be ok.”

His post struck a chord with many others who also started out with little or no financial support.

Some users encouraged him not to compare himself to others, pointing out that everyone’s financial journey looks different. One commenter shared, “Everyone has a different starting point. I’m closing in on 40, and I’ve only hit S$50k in assets, while peers my age have a house or travel frequently.”

Another advised him to stay consistent and patient, writing, “Keep disciplined and save over time; you’ll be ok. It’s a marathon, not a race. I know friends who are blessed with hundreds of thousands by parents, but can burn it down even during their working years.”

A third added that having little in your late 20s is far more common than people think. “Not uncommon, honestly. I have had colleagues and acquaintances in their late 20s who also have little to their name—no insurance, hardly any savings, staying with parents, and money all going to travel, toys, and gadgets. Somehow these people are still surviving.”

How much should you have saved in your 20s?

According to financial platform SingSaver, the median monthly salary in Singapore was about S$2,720 for those aged 20 to 24 in 2024 and S$4,260 for those aged 25 to 29. Assuming one follows the 50/30/20 budgeting rule as a guideline, a typical young adult could aim to save approximately S$544 to S$852 every month throughout their 20s.

If a person starts saving consistently from age 22, they could accumulate close to S$20,000 by age 25. By 30, with steady salary growth and disciplined saving habits, this figure could rise to over S$50,000.

Read also: ‘I can’t even get an interview’: Fresh grad turns to Reddit after 4 months of job hunting

Featured image by freepik (for illustration purposes only)