SINGAPORE – Households here headed by baby boomers generally spend less than those in other age cohorts, according to data from market research provider Euromonitor International.
Households led by millennials – aged 28 to 43 – spent US$105,486, and those led by Generation X – aged 44 to 59 – spent US$92,528. GWI’s Ms Sun noted that baby boomers are more pessimistic about personal finances than other age cohorts, with 26 per cent believing their situation will worsen. Ms Sun added that there was a 50 per cent increase in financial pessimism among boomers from the fourth quarter of 2019 to the fourth quarter of 2023.
But, like Mr Song Seng Wun, known affectionately in business circles as Uncle Song, boomers do spend when they need to. “I was no longer working full time and do not need to drive to office. I also wanted to exercise more and use public transport,” said the former journalist. Mr Lim said: “I am debt-free; no instalments to pay. I have also done retirement planning for a fairly comfortable lifestyle if I spend modestly and do not overspend.”