Singapore banks court younger customers as more climb wealth ladder
Banks report younger customers are investing sooner, with more progressing into affluent wealth tiers
Singaporean banks are targeting younger customers who are increasingly investing early in their lives and advancing into higher wealth brackets, according to recent reports. This trend is prompting financial institutions to engage with these young adults earlier in their financial journeys. Greater financial awareness and easier access to investment opportunities appear to be the key drivers behind this shift, with young professionals beginning financial planning at an earlier stage and demonstrating a more strategic approach to wealth accumulation, according to Standard Chartered Bank.
Jeffrey Tan, the general manager of affluent coverage, onshore, wealth, and retail banking in Singapore, highlighted that millennials, unlike previous generations, exhibit a higher degree of financial engagement and have increased exposure to investment markets.
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