Singapore’s youth are interested in buying insurance and investing, but they feel that they lack the knowledge to explore these financial activities, according to research by Frank by OCBC, the bank’s youth-targeted brand.
The study polled 866 students and young working adults in Singapore, aged 16 to 29. It found that 69% of respondents showed interest in buying insurance; however, only 44% thought that they had sufficient knowledge about insurance. The results were similar for investing, with 71% saying they wanted to invest but only 38% saying that they had adequate knowledge.
Additionally, the survey said that almost three-quarters (74%) of Singaporean youth save their money, but 41% are having difficulty following their savings plans.
“The ‘FRANKly Asked Questions’ is the first Frank by OCBC survey that we will be conducting annually,” said Dennis Tan, OCBC Bank’s head of consumer financial services in Singapore. “The survey has revealed insights into the psyche of millennials today and the values and attitudes they hold dear. In addition to the deep and rich insights that we already have from banking with one in two youths in Singapore, this enables us to tailor products and services that they will find useful at every stage of their lives and help achieve their aspirations.”
The survey results came right after the opening of the fourth Frank by OCBC location at the National University of Singapore (NUS) last month. The open-concept store operates round-the-clock, with its study and refreshments area available even after banking hours. According to OCBC Bank, it gained access to the location after it won a public tender by offering to build a bank branch to offer students essential financial services such as banking, insurance, credit cards, investment products, and study loans.
