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Bucking the stereotype of Millennials being paycheck spenders

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Stereotypes may suggest that Millennials (i.e. those in the age range of 21-36 years old) are big spenders – but HSBC’s recent survey finds that of 1,000 Millennials surveyed in Singapore, 54% are home owners.

Titled Beyond the Bricks 2: The value of home, the survey also found that among Millennials who already own a home, 24% own multiple homes, ahead of Baby Boomers (17%) and Generation X-ers (19%).

More than two in five (43%) of Millennial ‘intenders’ (i.e. non home-owners who intend to purchase property) surveyed expect to own more than one home in the future, with 74% intending to use their second home for investment purposes or to rent out.

Anurag Mathur, head of retail banking and wealth management, HSBC Bank (Singapore), said: “This research bucks the stereotypes of Millennials being paycheck spenders and short-term planners. Instead, what the research reveals is a very clear focus on future proofing and investing.”

ALSO READ: Are job-hopping Millennials less happy?

Singaporean Millennials are proving to be astute in going after the most competitive mortgage rates, according to the report. On average, it has taken five years for Millennial home owners to save for a deposit for their homes, less time than Baby Boomers (six years) and Gen X-ers (seven years).

Similarly, almost half of all Millennials (47%) check the price of their homes at least once a year. They
also switched their mortgage or home loan provider more than any other age group.

Mathur added: “Millennials are known for being digitally savvy, and they’re backing this up with
financial savviness too. Technology has also made it easier for property investors to research and track
their loans.”

For the purpose of this survey, the following generational groups were considered:

HSBC generations

Table / HSBC

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