In this episode of Singapore Unpacked, host Liang Kaixin examines whether the widely held stereotypes about younger Singaporeans and their spending habits hold water. Drawing on insights from the IPS–CNA survey on financing behaviours among millennials and Gen Z in Singapore, the episode unpacks how these cohorts really manage their money — from the appeal of Buy Now, Pay Later (BNPL) schemes to their approach towards savings and essential expenses. The conversation explores the how and what of broader anxieties surrounding cost of living are driving more cautious financial decisions than many would expect.
Joining this deep dive are Dr Teo Kay Key, Research Fellow at the IPS Social Lab, and He Ruiming, co founder of The Woke Salaryman. Dr Teo shares her analysis of the survey findings and explains the patterns she observed in young adults’ use of credit, debt and savings instruments. Meanwhile, He Ruiming contributes practical perspectives on how BNPL and other modern lending products interact with young people’s aspirations and vulnerabilities.
This episode challenges the notion that younger generations are reckless with their money, instead showing how they navigate a complex financial landscape with equal parts caution and innovation.
About our Guests:Dr Teo Kay Key Research Fellow at IPS Dr Teo Kay Key is Research Fellow at IPS Social Lab at the Institute of Policy Studies. She has a PhD in Political Science from the National University of Singapore. Her research interests are in political and social attitudes, public opinion, voting behaviour, and Singapore society. She is interested in examining these topics using a mix of quantitative and qualitative methods. Her current projects examine a myriad of issues in Singapore, including attitudes towards the family, social norms and values, and national identity.
Prior to joining IPS, she worked in the civil service for nearly 3 years doing strategic planning, training, and policy work. She also has a Masters in Political Behaviour from the University of Essex in the United Kingdom and a Bachelors in Social Science from the Singapore Management University.
He Ruiming Co-founder and Main Writer, The Woke Salaryman Council Member, 18th National Youth Council He Ruiming is the Co-founder and Main Writer at The Woke Salaryman, a personal finance blog that helps Singaporeans make better financial and life choices through their educational webcomics.
Ruiming is also a Council Member of the 18th National Youth Council, and was recognised in the Gen T 2021 List as a Leader of Tomorrow shaping Asia’s Future.
Find Out More: IPS Working Papers No. 55 — Not Quite Impulsive Spenders: Key Findings from the IPS-CNA Survey on Financing Behaviours among Younger Singaporeans:
https://lkyspp.nus.edu.sg/ips/news/details/ips-working-papers-no.-55-not-quite-impulsive-spenders-key-findings-from-the-ips-cna-survey-on-financing-behaviours-among-younger-singaporeansYoung people in Singapore buying into ‘buy now, pay later’ services: Payment processing firm | Straits Times:
https://www.straitstimes.com/business/young-people-in-singapore-buying-into-buy-now-pay-later-services Listeners who wish to explore further can visit IPScommons.sg or follow @IPS_sg on Instagram and TikTok for updates, resources and ongoing conversations about Singapore’s evolving financial landscape.
