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Close to half of Singaporeans don't have enough savings to tide through an emergency: Survey
Recent OCBC Wellness Index suggests that Singaporeans’ financial health suffered in 2022
While more Singaporeans have started on their retirement plans this year, fewer people are on track to achieve their goals, suggests the survey.
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Genevieve Chan, Content STudio
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Singaporeans are facing more money troubles now than the year before.
More people are seeing poorer investment returns, increased debt stress, and retirement plans knocked off-track, reveals the OCBC Financial Wellness Index 2022 released on Tuesday.
This is likely due to a combination of factors including inflationary pressures, rising interest rates and market volatility, says the bank.
Singaporeans polled in the survey scored an average of 61 out of 100 in terms of financial wellness – down from last year’s 62, and returning to the same average Index score in 2020 when they were grappling with the start of the pandemic.
In contrast, Singaporeans scored 63 in 2019.
What are the key findings of this year’s survey? Who are those whose investments were most affected?
About the OCBC Financial Wellness Index
The fourth annual survey by OCBC polled 2,182 working adults aged between 21 and 65 in Singapore about their financial habits in August 2022.
The Index is based on 10 pillars of financial wellness and 24 indicators of standards and guidelines that are widely accepted best practices in financial planning, according to the bank.
The 10 pillars are:
- Savings habits
- Spending beyond means
- Manageable debts
- Protection from financial emergencies
- Regular reviews
- Regular investing
- Retirement planning
- Excessive speculation
- Borrowing money from loved ones
- Gambling habit
This was produced in partnership with OCBC Bank.
