Millennials the most savings-savvy generation in Singapore, finds UOB study

SINGAPORE (July 18): Singapore's millennials are outpacing their Generation X (Gen X) and baby boomer peers when it comes to growing their savings, according to United Overseas Bank’s (UOB) transaction patterns of its flagship UOB One Account holders. 

From mid-2015 to mid-2018, it was found that the average account balance for millennials grew 31% per annum to $27,000 – a trend which UOB says is supported by research conducted by Visa’s Millennials Study 2016, which indicated the generation is more focused on saving and investing compared to others.

Aside from having the fastest-growing account balances, millennials also account for the lion’s share of all holders of the UOB One Account.

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