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Do Gen Zers really have no savings for the long term?

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Synopsis: Our ALL-IN-ONE channel showcases our discussions on Singapore youth perspectives and social issues, geopolitics through an Asian lens, healt 
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This generation, it appears in a survey result too, is not afraid to spend immediately for happiness or instant gratification, but they do so within their means.

Synopsis: Every first Monday of the month, The Straits Times takes a hard look at social issues of the day with guests.

It used to be that avocado toast was the symbol of millennial extravagance, infamous for dashing that generation’s chance of ever owning property - at least, according to Tim Gurner. 

The Australian real estate millionaire in 2017 said that millennials should stop spending $19 for avocado toast if they ever want to own homes. Over half a decade since the rise of the avocado millennial, Gen Z - those born 1997 to 2012 - have outstripped them in splurging. And mostly, for pleasure. 

Just in Singapore, we’re seeing 20-somethings fork out $10,000 for holidays and almost just as much to catch Taylor Swift overseas. But a recent IPS study found that the young are still spending within their means. 

Still, are they putting aside enough funds for a rainy day in the future? 

In this episode, ST assistant podcast editor Lynda Hong and co-host and STNow reporter Carmen Sin speak with their two guests to find out if youths are caught in a financial jam between spending and saving the fruits of their labour. 

Having saved his first $100,000 at age 28, He Ruiming, now 35 and co-founder of personal finance blog The Woke Salaryman, urges disciplined financial perspectives for Gen Z. 

Joining the discussion is Daisy Anne Mitchell, 26, who is British but has lived and studied in schools in Singapore since she was five. She has worked two full-time jobs after graduating from school, but made a U-turn to freelancing and working as an influencer now - where she has gotten flak online for being candid about her cashflow. 

Highlights (click/tap above):

2:15 Eating broccoli and chicken for three years? Freelancing as a career - Ruiming and Daisy share their habits on saving, earning and spending

9:30 Managing financial prudence even when renting

16:38 Taking private hire transport like Grab or taxis to work: Is that prudent all the time?

21:26 Why Daisy thinks that the recent Covid era has reduced the value of money for Gen Zers

28:12 Daisy on her working life since she was 15, and discusses how an influencer career has worked for her

33:59 Ruiming and Daisy on gaining financial freedom 

Produced by: Carmen Sin (, Lynda Hong (, Ernest Luis & Hadyu Rahim

Edited by: Hadyu Rahim 

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