Majority of young Singaporeans embrace “buy now, pay later” payment options: Survey

SINGAPORE: According to a released survey this week, a hefty 65.4% of young Singaporeans embrace “buy now, pay later”. This trend is most popular among those with higher incomes and credit cards, according to the report.

The survey conducted by the Institute of Policy Studies (IPS) and CNA shed light on the spending habits of young Singaporeans adults aged 21 to 39. The survey was aimed at understanding their financial behaviours and attitudes including aspects such as debt, savings, managing living expenses, and future planning.

The ‘buy now, pay later’ trend appears most attractive to individuals with higher incomes and access to credit cards. Among the demographic, aged 30 to 34, a staggering 72.3% embraced this spending strategy.

Conversely, those aged 21 to 24, displayed a more cautious approach, with only 53.2% dipping their toes into such schemes.

According to Channel News Asia, the survey also found that 88.8% spend within their monthly income, however, the survey also uncovered concerning trends regarding financial stability. Even though most people don’t spend all their monthly income, 42.3% of those aged 30 to 34 admitted they spend more than they earn.

While the rising cost of living is a big concern for many, this worry is felt most strongly among those aged 21 to 24 and those with lower incomes.

In short, while buying now and paying later might feel good in the moment, it’s essential to be smart with money in the long run. As economic landscapes evolve, knowing how to manage your finances wisely becomes increasingly important. /TISG

Read also: Singaporeans are more likely to overspend, Fidelity survey reveals

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