Singapore banks court younger customers as more climb wealth ladder

[SINGAPORE] More younger customers are moving up the wealth ladder as they start investing sooner, prompting Singapore banks to court them earlier in their financial journeys.

Greater financial literacy and easier access to investing are driving this shift, with young adults starting financial planning earlier and becoming more deliberate about growing their wealth, banks told The Business Times.

Jeffrey Tan, general manager, affluent coverage, onshore, wealth and retail banking, Singapore at Standard Chartered Bank, said: “Compared with previous generations, millennials are generally more financially engaged and have greater exposure to investment markets.”