A major part of our lives revolves around making a living, although not all of us might enjoy it. In fact, most of us do not, according to Jobstreet.com’s 2016 Happiness Index Report, where Singapore was reported to have the least satisfied workforce out of 7 countries. However, it cannot be denied that working is essential to provide at least a basic lifestyle, unless you are privileged enough to be born with a silver spoon. Let us look at some different types of working adults in Singapore, where the standard of living is high and a good career is almost everything.
The Planner has everything all worked out, perhaps even before entering the workforce. He is aware of what is needed for financial security and retirement, and has obtained various financial instruments to secure it. From insurance to investments, he has it all paved out. The Planner may lead a modest lifestyle in the early years of his career, but his impeccable preparation will ensure comfortable later years.
The Spontaneous is the complete opposite of the former, working each step as he goes along. He is satisfied with the everyday life and expect no more or less of each day. He may be extravagant and is passionate about enjoying life and the moment. To him, working is never too late as it is never enough. What are more precious will be time and pleasure; but, it is always wise to spend within your limits. Some may criticise this happy-go-lucky attitude, but it may not be a bad thing to face each day light-heartedly and handle opportunities and problems as they are encountered. The satisfaction scale of the workforce is carried by them at the very least.
The Frugal is thrifty and cautious with spending. He places a large emphasis on the importance of saving and having financial independence. The golden rule of thumb for him would be ‘to always be prepared for a rainy day’. This does not imply that he is miserly though, as he merely saves on unnecessary expenditure and deliberates over purchases.
The Investment Guru
The Investment Guru believes that working is not sufficient nor the key to build up one’s financial assets. Depending on banks’ interest on savings is also not an ideal way to obtain returns. Thus, The Investment Guru has learnt about and researched on stocks, bonds and other investment tools in order to have a diversified portfolio and to maximise his returns. He is an ardent follower of latest financial trends and news, spending almost all of his free time with eyes affixed on stock charts.
Being the world’s most expensive city to live in for the third consecutive year according to the Economist Intelligence Unit (EIU), it is not surprising for one to be bound by one financial woe or another in Singapore. The Milestone is always tied to some form of financial liability, from study loan to housing loan and car loan. Coupled with daily financial needs, The Milestone not only has to continue working but also has to be prudent about expenditure and financial planning.
So which type of Singaporean working adult are you? You may have noticed that they have a common aspect, which is handling one’s finances. Be it to plan or to manage, it is always difficult and time consuming to keep track of various messy accounts and transactions. Are you having trouble with yours? Seedly is a handy troubleshoot. Seedly organises all your finances in a single screen, imports and sorts your expenditures into categories automatically, making it easy to do budgeting. No matter if you are making long term plans or just cautious about spending, Seedly will be an useful tool to start off so try it today!
Seedly is an everyday personal finance assistant that aggregates your financial data across up to 6 local bank and card accounts and gives you a complete personal financial picture. We currently serve over 6,000 users and growing in Singapore and are supported by NUS Enterprise, TOP 9 DBS HOTSPOT startup and East Ventures. We aim to become the #1 personal finance management app in Singapore and the region.