Insight 1
Overview of Market Research
Overview of Market Research
Primary Research
Surveys
Interview
12 Interviewees
Age ranges from 18 to 24 year old
206 Survey Respondents
Age mainly ranges from 16 to 25 years old
Savings
Spending
Retirement
Investing
What are the key insights?
1
Youths understand the importance of managing their finances. However, they have yet to take proper action in planning & monitoring it.
Set aside savings monthly
61.2%
30.6%
Frequently track savings
52.4% of the youth sets a budget for themselves but only 35.4% frequently checks it
“I've never changed eh. I always spend without thinking, like get money then paywave here paywave there"
-Owen
2
Youths face money problems due to poor financial discipline and short term temptations . They struggle to find ways to stay disciplined.
3
Youths see the importance of retirement and to generate a passive income for it. However they are afraid to start investing
4
Youths observe financial behaviours modelled by people around them, and they are mainly influenced by their peers and families.
60.2% of survey respondents stated their family members have the most influence on them.
20.4% stated that social media platforms from friends and influencers affect them as well.
Secondary Research
Company
Financial Literacy Industry
Competitors
FinTech Landscape
Short Attention Span
DID YOU KNOW? the attention span of human is 8 second - Goldfish Attention.
Dropped from 12 second previously in 2000. Showing the effects of digitization.
**Study from Microsoft
Contactless Payments
Increasing usage of card payments by youth for daily transaction convenience which can cause them to overspend unknowingly
VISA Paywave
Represents 38.5% of all Visa face-to-face transactions in Singapore of SGD$30 or below, which is a further indication that contactless transactions are a popular choice for low value, everyday purchases.
Key trends from secondary research
Allows buyers to spread out the cost of a purchase over a few months without interest fees
​
Gaining traction amongst Singaporean Youths and used as a popular payment method across many brands in Singapore
