Flickr image "Debt" by alancleaver_2000
This Channelnewsasia report “Younger Singaporeans Biggest Debt Defaulters” is cause for concern. The report shares how younger people in their 21-29 age group have a debt default rate of 7.16% versus 3% for all other age groups.
What this means is that more and more younger people are starting to live beyond their means. There are still many young people who are prudent and live within their means but the statistics give us an indication of the future trend that is coming.