Their confidence in the future has led to them investing more during the pandemic, according to the bank.
One in three millennials (aged 24 to 39) said they have increased their investments and two in five plan to do so in the next six months, according to a survey by UOB.
The bank said that among its wealth customers, millennials had 30 percent more assets under management (AUM) at the end of June 2020 than they did three years before – a substantially larger increase compared to wealth customers from other age groups.
«Coping with the pandemic has been an enormous challenge for individuals across different age groups. The UOB Optimism Index shows millennials in Singapore have a rosier outlook than other generations and provide a burst of positivity amid the everyday struggles people are experiencing,» Jacquelyn Tan, UOB's head of group personal financial services, said.
Boomers Most Concerned
Based on UOB's «ASEAN Consumer Sentiment Study» conducted among 3,500 respondents in the region in July 2020, including over 1,000 in Singapore, the index compares the views of millennials against Generation Z (18 to 23 years old), Generation X (40 to 55 years old), and baby boomers (56 years old and above) on their concerns about rising Covid-19 infections, restrictions on gatherings and travel, the economic impact of the pandemic, and their personal well-being and outlook.
Some 52 percent of millennials said they are likely to be financially better off in a year’s time, compared to 47 percent of Generation Z, 34 percent of Generation X and 13 percent of baby boomers. Millennials were also the least worried about losing their jobs or being able to afford essentials.
Out of a maximum score of 100, millennials scored 54.7, ahead of Generation Z’s 52.5, Generation X’s 51.0 and baby boomers’ 50.6. As a country, Singapore ranked in the middle of the index, with a score of 52.7, behind Vietnam (62.4) and Malaysia (53.8) but ahead of Thailand (52.0) and Indonesia (49.6).
