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

Singaporeans' financial health took a hit 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. PHOTO: GETTY IMAGES

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?

This was produced in partnership with OCBC Bank.

Join ST's Telegram channel and get the latest breaking news delivered to you.