Certified financial planner Karen Tang has noticed that many millennials - people aged between 26 and 41 - are finding themselves deep in debt.
Many don't think twice about forking out money or taking out loans for luxury accessories, designer goods, expensive holidays, fancy cars, and so on. 'Buy Now, Pay Later', or BNPL has also become a way of life for them, and they're racking up massive debt on their credit cards, she says.
Of course, credit card debt isn't the only form of debt that many millennials have to deal with. Some also have hefty mortgages, medical bills or student loans to pay off.
According to a report in The Straits Times in August 2021, the average personal loan and overdraft balances for borrowers aged 21 to 29 years old shot up to $49,689 in the first quarter of 2021 - about 42 per cent higher than the average of $34,941 in the first quarter of 2020.
This is a big jump, and it's indicative of the issue, Karen says. The precise levels of debt, of course, vary from person to person. But one thing's for sure - there must be an effort to stop these figures from spiralling out of control, because getting deeper into debt is easier than reversing course to get out of it.
She adds, For starters, you may wish to refinance and get a lower interest rate for it. You can approach a bank for a debt consolidation plan - they'll try to get your personal debts under one plan and help you manage it.
Denne historien er fra June 2022-utgaven av Her World Singapore.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent ? Logg på
Denne historien er fra June 2022-utgaven av Her World Singapore.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
Dressing For Success
Today's workplace dress codes are more varied than ever, but as the lines blur, we're left wondering: Is dressing down impacting how we show up - and how confident we feel at work?
Power Puff
This '80s skirt trend is popping up on our social media feeds and on the streets.
Is Social Media Really Necessary For Career Success?
Social media platforms are powerful job-hunting and networking tools, but if you don't use them for professional reasons or aren't comfortable posting online, don't worry - there are other ways to improve your career prospects.
PAYING IT FORWARD
When she noticed that women in developing countries were not getting the funding they deserved, Laina Raveendran Greene started Angels of Impact.
FIRING UP SINGAPORE'S INDIE CINEMA SCENE
Nothing makes Karen Tan, co-founder of The Projector, more happy and fulfilled than making a difference to a film-goer's experience. For her, that spells \"f-u-n\" and brings people together. In the third instalment of the \"HER WORLD, HER SPARK\" series, presented in partnership with DBS, we speak to Karen about her journey.
WILLA BELLE
ONG is intentional about building the next blocks of her career
Back For Good
Get ready we are now in the halterneck era.
Stick Sunscreen
Using sunscreen is extremely important to protect our skin from the harmful effects of the sun’s UV rays.
Beyond The 9-To-6
According to Her World's annual What Women Want survey, a staggering seven in 10 women in Singapore are willing to take a pay cut for a job that offers better perks and benefits, with a flexible work schedule being a top priority. Are employers here ready to accept flexible arrangements as part of our lexicon?
Leading Singapore's Sustainable Innovations
In this second instalment of the "HER WORLD, HER SPARK" series, presented in partnership with DBS, we speak to Oh Chu Xian, founder of deep tech start-up Magorium. Determined to make the construction sector a more sustainable one, she's revolutionising it with a new technology that turns plastic waste into sustainable building materials.
