Young women outperform men in digital financial literacy but are more risk-adverse: Survey

Despite scoring higher in both digital financial literacy and sustainable literacy, young women are not as confident about their future-readiness as their male peers.

Young women outperform men in digital financial literacy but are more risk-adverse, according to Republic Polytechnic and CGS International Securities Singapore's (CGS SG) recent Youth Future-Readiness Index (YFRI) report.

The YFRI assesses the preparedness of youths with regards to digital financial literacy and sustainability literacy — factors that are critical in today's evolving financial and environmental landscape. In addition, the index incorporates youths' sense of future preparedness and is supplemented with an overview of selected financial and sustainable finance literacy knowledge and attitude demonstrated by youths.

Overall, the report the revealed a perception gap between Singapore youth’s optimism for their financial future and their actual level of preparedness, with most lacking the essential digital financial literacy, despite general confidence that they are equipped with the financial skills to succeed in the future. 

Here are some of the key findings from the survey: 

Young women outperform men in digital financial literacy but are more risk-adverse

There was a significant gender divide in financial attitudes and behaviours among Singapore youth. Even though females scored higher in digital financial literacy (F: 57.86 vs. M: 55.45) and sustainability literacy (F: 67.42 vs. M: 64.01), males were the ones who felt more confident about having the knowledge and skills to succeed (F: 68.71 vs. M: 66.00).

The findings also showed a clear split in how young men and women approach their money. Males more inclined toward investment-driven methods — from buying bonds or time deposits, purchasing insurance savings plans, investing in stocks and shares, commodities, and exchange-traded funds or mutual funds.

Females, on the other hand, tend to favour safer and more traditional approaches to managing money. Many preferred saving cash at home or in their wallets, asking family members to save on their behalf, or keeping their money in basic savings or deposit accounts.

Big gap revealed between knowledge and interest in alternative investments such as cryptocurrency

The index also revealed that youth most interested about cryptocurrency were actually the least savvy in digital financial literacy. This was especially true for those aged 18 to 25 — the group most interested to jump into crypto, yet has the least comprehensive understanding of digital financial tisks and regulations.

With new financial tools popping up faster than ever, the results highlights that interest is high, young investors still have a way to go to equip themselves with the knowledge to navigate these opportunities safely and make informed decisions that safeguard their financial wellbeing. 

Malcolm Koo, CEO of CGS SG, said: “The strong interest in cryptocurrency, despite the low levels of digital financial literacy, highlights the urgency of turning awareness to practical understanding." 

He added that the index serves as a timely reminder that education must be actionable and forward-looking, and looks forward to deepening its engagement with Republic Polytechnic and other educational institutions to empower youths for a more sustainable future.

Sustainability awareness does not drive investment behaviour

The survey also pointed to a mismatch between what young Singaporeans say they care about and how they actually invest. They scored fairly well on sustainability literacy (65.82), showing they grasp the basics of environmental issues. However, despite the desire to prioritise social and environmental responsibility, the data suggests that actual follow-through to align their financial choices with their values is still lacking. Even though more than three in five youth had basic sustainability awareness, only 13.5% put their money into ESG products. This wide gap between knowledge and action suggested the need for more education to align their investments with environmental concerns.

Still, despite the blind spots in digital financial and sustainability know-how, optimism isn’t in short supply. Almost two-thirds (62%) believe they have the skills for the future economy, and 65% feel confident about their chances of succeeding.

Tui Jurn Mun, Director of School of Business, Republic Polytechnic, commented: “The YFRI reminds us that many of our youth still struggle with digital financial literacy despite their aspirations about future. Financial literacy is not optional, but essential for every youth. Through embedding financial education in our curriculum and building strong partnership with industry, we broaden our outreach and impact. By doing so, we can empower the next generation to take charge of their financial future and embrace greater possibilities.”

Singapore youths score below global average in digital financial literacy

Singaporean youth currently score 56.7 in digital financial literacy, below the benchmark target of 70. The YFRI highlights some worrying gaps too. More than half (53%) don’t check whether online financial service providers are properly regulated, even though four in five say they have at least an average understanding of financial matters.

Basic password habits are also inconsistent. While most don’t share their passwords or financial details online, about one in six (17%) still pass their passwords or PINs to close friends. On top of that, many young people look to peers who may not have reliable financial knowledge. Over half (53%) rely on friends, family, or acquaintances for financial decisions, and one in five would even consider advice from social media influencers who may not be licensed to give it.

These findings indicate financial misconceptions or misinformation can potentially spread through social networks, heightening the risk of individuals making poor financial decisions.

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READ MORE: Industry leaders share how young Singaporeans can stay future-ready in an evolving landscape

Infographics / YFRI 2025