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Getting to Know the Standard Singaporean Millennial: Money, Debts, Accommodation, and Aspirations

Singapore has seen a significant rise of millennial population in the last decade, and with this rise comes a generation that is dealing with unique challenges that the nation has never seen before. The millennial generation has grown up with the abundance of technological advancements, unlimited opportunities and exposure to multifaceted cultures and lifestyles.

The typical Singaporean millennial is partly molded by the country’s rapid economic growth and technological advancements. This generation is highly educated, globally aware, politically engaged and entrepreneurial. However, despite their proficiency in various areas, millennials in Singapore do face pressing issues that the government and society, in general, need to address.

Cash & Debt

One of the significant issues that Singaporean millennials face is cash flow and debt. While the contemporary coffee house culture, trendy fashion scene, glitzy nightlife and tourism industry might give the illusion that this generation is all about the good life, it does, however, come with a price tag.

According to a survey conducted by Toluna on behalf of HSBC, nearly half (44%) of Singapore millennials find it challenging to make ends meet, with 54% stating that high living costs are the main contributor to their financial struggles.

Further, millennials in Singapore are notorious for living beyond their means, hoping to maintain an online presence that showcases an enviable lifestyle. This has led to an increase in personal debt, low saving rates, rising credit card bills and an inability to invest money in long term and profitable use.


One of the pressing concerns for millennials in Singapore is housing. Singapore is known for its high-quality infrastructure and first-class amenities, but these come at a premium. Rising demand and the limited availability of land have led to skyrocketing housing prices. This has left many millennials struggling to afford their first home, and with rents increasing every year, the future looks uncertain for them.

Additionally, millennials are not just looking for affordable housing but a comfortable and sustainable lifestyle. With this generation being one of the critical proponents of healthy living, eco-friendly practices, and interactive neighborhoods, the government and private sectors need to create homes that cater to these needs.


Millennials in Singapore are incredibly ambitious and have dreams of becoming entrepreneurs, freelancers, artists, bloggers, or creating their own startups that will make a difference and generate good income. However, extreme competition, societal pressure, and high expectations perpetuate the myth that success means financial stability, endless productivity, and hustle culture.

This can lead to burnout, mental health issues, and even abandoning their dreams. The government and society, in general, need to acknowledge the importance of following one’s passion and create an environment that encourages personal fulfilment and work-life balance.

In conclusion, Singaporean millennials face several challenges, and addressing these issues should be a priority. It’s time for the government and society to recognize the unique hardships that this generation faces and create solutions that cater to their needs. By addressing these challenges together, we can empower and help the Singaporean millennial generation flourish.

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