Singaporeans may be earning more, but new research has shown that job-hopping could be contributing to a perceived lack of financial security.
Job-hopping among Singapore’s under-35’s could be contributing to an overall feeling of financial insecurity, though new data shows incomes are rising.
Manulife’s Investor Sentiment Index, which rates the views of investors aged 35 and older, has found financial security is steadily diminishing over time.
Only 29% of investors believe job security has improved since their parents’ generation, with 40% rating job security as worse.
Many investors (48%) believe that job security will only decrease further for the next generation, meaning their children will be worse off (44%).
Though investors were relatively happy with married and family relationships (61%), only 38% rated themselves as happy financially.
The Manulife research argues job-hopping to secure better opportunities may play a key role, with locals under the age of 35 changing jobs every 3.4 years.
This compares with a longer job tenure of approximately 3.8 years in China.
Manulife said changing jobs frequently meant that these younger career-seekers may miss out on the financial security on offer from more stable careers.
Singapore’s job insecurity is coming despite income rises across all groups in 2014, according to the latest government Key Household Income Trends.
The Straights Times reports that among households in Singapore with at least one person working, the median household income from work rose to $8,290 last year from $7,870 in 2013. This represented a 5.3% increase in nominal terms or a 4.1% increase in real terms, accounting for inflation.
Meanwhile, income inequality stayed at its lowest levels in more than a decade.
Manulife recommended investing early and obtaining financial advice as potential remedies for longer-term perceptions of financial insecurity.
