One in 10 young Singaporeans has no bank account: Poll

HSBC's self-service online portals now allow customers to perform traditional tasks such as applying for loans and opening savings accounts. A survey by the bank shows that most of those who e-bank prefer doing it on the go using bank apps downloaded
HSBC's self-service online portals now allow customers to perform traditional tasks such as applying for loans and opening savings accounts. A survey by the bank shows that most of those who e-bank prefer doing it on the go using bank apps downloaded on their phones.PHOTO: HSBC

Survey also shows that even as use of e-banking grows, some people still prefer going to the bank

A survey aimed at finding out how adept Singaporeans are in digital banking has uncovered a surprising and disconcerting trend - one in 10 young people may not even have a bank account.

The finding from the HSBC Bank poll, which surveyed 1,100 Singaporeans aged 18 and above in April, was unexpected to say the least.

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A version of this article appeared in the print edition of The Sunday Times on August 02, 2020, with the headline 'One in 10 young S'poreans has no bank account: Poll'. Print Edition | Subscribe