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High-Income Singaporeans Embrace "Buy Now, Pay Later" Schemes

High-Income Singaporeans Embrace "Buy Now, Pay Later" Schemes

Despite a monthly income of S$10,000, young high-income Singaporeans like Mr. Leon Tan are increasingly turning to "buy now, pay later" plans to manage their expenses. A study conducted by the Institute of Policy Studies and CNA reveals that nearly 70% of Singaporeans aged 21 to 39 have utilized these payment schemes. The trend is particularly prevalent among those earning higher incomes, with 72.3% of respondents aged 30 to 34 using such plans. The schemes, popular for their no-interest feature, are seen as a strategic financial tool to combat rising living costs and maintain liquidity. The full findings of the survey, which also explored debt, savings, and financial planning among young adults, were released recently, highlighting a significant shift in spending behaviors.

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