Singaporeans are generally optimistic about the future, with 60% expressing a positive outlook, according to Fidelity International’s Global Sentiment Survey. However, financial concerns remain prevalent, as only 49% feel secure about their day-to-day finances, and a mere 22% are confident in their investment abilities. The survey, which included 1,000 Singaporean respondents, highlights the ongoing stress caused by rising living costs and inflation.
The survey indicates a decline in optimism from the previous year, when 75% of Singaporeans felt positive about the future. Despite this, only 24% are pessimistic about the near future. Financial stress is exacerbated by the cost of living, with 77% of respondents citing it as a major concern, followed by healthcare costs and retirement savings.
Wildon Goh, Head of Southeast Asia and Country Head of Singapore at Fidelity International, noted, “It is clear that finances and planning for retirement remain the top concerns for most people, as individuals are feeling less confident about managing their money and investing.”
The survey also reveals that 33% of Singaporeans are saving less than six months ago, primarily due to increased household and commuting expenses. Savings and investments are identified as the most pressing financial needs by 49% of respondents, yet many do not seek financial advice.
As Singaporeans navigate these challenges, the importance of consistent investment and financial education is underscored. Fidelity International emphasises the role of financial institutions in supporting individuals to achieve their financial goals amidst the evolving economic landscape.
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