Singapore’s young are largely confident about the state of the nation’s economy in the near future, similar to their peers in the Asia Pacific region.
According to the MasterCard Youth Confidence Index, Singapore scored 68.8 out of 100 points when asked about their youths’ six-month outlook on five economic factors. These factors included employment prospects, the economy, regular income, and present versus anticipated quality of life in five years.
Coming in eighth among the 16 Asia Pacific countries polled in the survey, Singapore was only slightly higher than the 67.8 average among all the countries.
Youth in India (84) and Indonesia (82.5) were ranked as being the most optimistic about their economies, followed by Philippines (78.5) and China (77.5). Lower levels of confidence were found in more developed countries, with Taiwan (42.2) and Japan (48.6) trailing the region.
“This new index by MasterCard is a good barometer for where today’s youth stand in terms of confidence levels regarding a variety of economic factors,” Pierre Burret, the Asia Pacific region head of MasterCard Advisors, said.
“It is encouraging to see strong scores reflecting optimistic attitudes towards the coming six months, especially with regard to employment and regular income prospects which no doubt have a significant impact on the potential of the youth consumer market as well,” he added.
However, in a separate MasterCard Consumer Confidence Index of people above the age of 30, the survey found a disparity between the optimism levels of the younger and older segment “most notably in Singapore”.
The survey found local respondents above the age of 30 scored only 50.3 points when it came to being confident of the nation’s economic outlook.
This was significantly lower than the Asia Pacific average of 64 for the older segment.
“With elections expected in numerous countries in the region this year, it will also be interesting to see if this optimism among the youth holds up and continues through to the end of 2014,” Burret said.