What Are the Best Financial Products For Your 20's?

You're in an exciting part of your life if you are in your 20's. At this stage, you are finishing up your education, beginning your career and setting up plans for your future. On average, people in their 20's are just starting to make money and will most likely be single and still living at home. In some cases, you may be renting a flat or live in a condo. However, what is most important about this age group is that financial independence is still a relatively new concept and unlike the prior years, the burden of bills shifts from the parents to the young adult. So what are the best financial products for people in their 20's? We explore below.

Statistics of 20-29 Year Olds in Singapore

• 13% of Singaporeans are aged between 20-29

• 80.5% of males and 66.9% of females aged between 25-29 are single

• The median monthly income (excluding CPF) is S$2,405 for people between the ages of 20-24 and S$3,468 for people between the ages of 25-29

• 20.9%-25.7% of households where the main income earner is in their 20's own a car

• Households where the main income earner is in their 20's spend S$4,200.80-S$4,549.20 per month (S$2,100-S$2,275 per person)

• Only 2% of total households are run by Singaporeans in their 20's.

Debit & Credit Cards Should For Building Credit and Good Spending Habits

If you are currently in your first job or working part-time while going to school, then the best credit or debit card for your needs will be one that matches your spending habits, has low fees and doesn't require a high monthly spend. As you move up in your career and begin earning more, you can upgrade to a card that may require an annual fee in exchange for higher cashback and rewards. Since credit cards typically have a minimum income requirement of S$30,000, university students may fare better with a debit card. An example of a student-friendly debit card is the DBS Visa Debit Card provides 3% cashback on online food orders (perfect for the busy student), 1% on all local spend and a low monthly minimum spend of S$500.

Read the complete article on ValueChampion:

https://www.valuechampion.sg/what-are-best-financial-products-your-20s