More than half (60%) of workers in Singapore feel optimistic about the near future, compared with 75% in the previous year, while increasing savings and investments is the most pressing financial need for nearly half of adults in the Lion City, according to the Fidelity International’s Global Sentiment Survey.
Most worryingly, only 22% of 1,000 working adults surveyed were confident about their ability to invest their money, and only 33% of respondents feel sure of being financially comfortable in retirement, while 38% said that they are not confident in achieving this goal.
Only 49% feel good about their day-to-day finances, savings (44%) and retirement planning (37%). They were also less confident when compared with global peers in 34 markets when it comes to their ability to manage day-to-day money (45% globally vs 37%), pay down debt (46% globally vs 38%) and investing their money (31% globally vs 22%), the survey found.
Being financially comfortable in retirement was the most common financial objective of respondents in Singapore. This differs slightly from the previous two years, where “maintaining my current lifestyle/income” was the most common long-term financial goal, indicating that adults in Singapore are now focused on retirement planning and having additional funds for emergencies.
Wildon Goh, head of Southeast Asia and country head of Singapore at Fidelity International, commented: “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.”
“As the cost-of-living continues to rise, people are noticing the importance of increasing their savings through investments… However, less than a quarter of adults in Singapore feel confident in their ability to invest their money,” he added.
Nevertheless, more than half of the global working population (56%) is optimistic about the near future, with Singapore being generally more optimistic (60%). However, this is a drop from 2023, where 75% of Singapore respondents felt optimistic.
As the cost-of-living continues to rise, more than three quarters (77%) of Singapore adults highlighted that the cost of living and impact of rising inflation is causing them stress. This is followed by health care costs (63%) and saving enough for retirement (59%).
When asked what was the most pressing financial need they were facing currently, the most common response was savings and investments (49%), followed by budgeting (20%) and debt management (12%).
However, two in five did not seek advice or help with their financial planning. For those who did, friends and family (20%), financial advisors (18%), and financial services providers (16%) like insurance or investment firms are the most popular sources of help.
