Singaporeans have become more savvy about how to manage their finances, a survey by Citi has shown.

The latest Citi Financial Quotient Survey indicated that 84 per cent of the 500 Singaporeans surveyed had a good idea of what to do if they were given six months of salary to invest.

Singaporeans also achieved their highest-ever score on a financial quotient test, which is based on the financial standing of respondents in areas including budgeting, investing, savings and retirement planning.

The combined score for Singapore was 59 points out of a possible 100 points - the highest score obtained since the research started in 2007.

The survey showed that 71 per cent of the respondents believed that they had sufficient insurance protection for themselves and their family, while 66 per cent expressed confidence that their retirement savings would lead to a comfortable life.

"Since the financial crisis in 2008, Singaporeans have realised the importance of saving for a rainy day and are also constantly on the lookout for products and services to help them grow their wealth," noted Mr Shrikant Bhat, the head of wealth management at Citibank Singapore.

"With the proliferation of technology, Singapore investors now have access to a wide range of information on wealth management products, regular market outlooks and global investment opportunities to help them make better informed financial decisions."

The survey also found that investors were planning to review their investment portfolios over the next 12 months, with 43 per cent saying they will increase their cash holdings, 30 per cent planning to invest more in real estate and 24 per cent saying they will buy more stocks.

Given the current low-interest rate environment, 40 per cent said they were inclined to buying high-dividend stocks, while another 30 per cent were prepared to put their savings into long-term funds and deposits.