We gathered insights from over 1,000 Singaporeans to better understand what they felt, thought, and did about their financial health in a year filled with uncertainties
The GoBear Financial Health Index
Financial health describes one's economic stability and well-being around his or her personal finances. From choice of savings to lifestyle expenditures and even retirement planning, these are indicators that impacts one's financial health.
Conducted in June 2020, our second iteration of the GoBear Financial Health Index (FHI) sought out to understand how people around Asia were coping amidst the global pandemic.
By gaining a better understanding of one's financial habits, we hope to guide them towards actions that can help them reach goals for every stage of their financial lives.
As with last year's survey, we polled more than 1,000 Singaporeans from 18 to 65 years old with daily access to an Internet-enabled device.
How did Singapore fare?
- 70% of working adults reported that they do not have enough savings to sustain them beyond a 6-month period with 55% of them having reduced their savings
- About one-third of the sandwich generation have stopped setting aside or reduced funds for retirement while 40% have reduced their investments over the next 6 months
- 53% of Singaporeans have attended more online courses than before while 35% of them intend to take a second job to future-proof their income
We believe that Financial Health is based on the following 3 main pillars:
Financial literacy is related to the skills required to manage one's personal finances.
So how knowledgeable are Singaporeans when it comes to financial topics?
Singaporeans are modest, and they actually know more than they are aware of!
Both genders are equivalent in actual financial knowledge, however females perceived themselves to be less competent.
Financial security generally refers to the peace of mind one possesses when considering present and future expenses.
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FINANCIAL SECURITY
6.3/10
On a scale from 0 to 10, Singaporeans on average rated themselves 6.3 when it comes to how secure they feel financially
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RETIREMENT
40%
Singaporeans who have not started actively saving for retirement
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LOSS OF INCOME
30%
Singaporeans who are able to cover their living expenses for more than six months if they lose their main source of income
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COST OF LIVING
50%
of Singaporeans cited cost of living outspacing their earnings as the main barrier to achieving financial security
Financial inclusion is defined as the ability to access banking and financial services regardless of one's income or savings.
Do Singaporeans have equal access to financial products and services?
The gap between genders finding it easier to access and buy financial products has narrowed, which signifies a more equal access to financial products.
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MEN
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WOMEN
Out of 18 different financial products shown in the survey, Singaporeans on average owned 8.6.
Top 5 financial products most Singaporeans own:
Savings account 98% - Central Provident Fund (CPF) 91%
- Health Insurance 91%
- Credit card 90%
- Life Insurance 85%
Savings account 
Health Insurance 
Credit card 
Life Insurance We have identified 5 different financial personas in Singapore
27%
Disciplined Discerners
They are in control of their money and sure know their way around managing it! They want to be financially independent and be that dependable family-person, which explains their penchant for researching and disciplined saving habits.
24%
Easygoing Amateurs
They desire a certain lifestyle and wishes to maintain it. Unfortunately, they are probably spending too much to achieve it via as many shortcuts as possible. They are likely to resort to borrowing or postponing payments to satisfy their immediate needs without thinking about the future.
10%
Disciplined Silver Spooners
They run a tight ship over their finances, always ensuring that it's in order. However, they can fall back on their social network for support, thereby reducing any financial stress encountered. Being self-sufficient does not define financial success for them as they head towards financial independence.
26%
Aspiring Achievers
They keep their urges at bay and demonstrate amazing control, owing to good financial knowledge when it comes to spending. However, the lack of social support systems might affect their confidence should they encounter.
13%
Oblivious Optimists
They thrive on living in the moment and tend to spend as they wish! They are also overly positive about their finances and even overestimate how much they think they know!
They are in control of their money and sure know their way around managing it! They want to be financially independent and be that dependable family-person, which explains their penchant for researching and disciplined saving habits.
They desire a certain lifestyle and wishes to maintain it. Unfortunately, they are probably spending too much to achieve it via as many shortcuts as possible. They are likely to resort to borrowing or postponing payments just to satisfy
They run a tight ship over their finances, always ensuring that it's in order. However, they can fall back on their social network for support, thereby reducing any financial stress encountered. Being self-sufficient does not define financial success for
They keep their urges at bay and demonstrate amazing control, owing to good financial knowledge when it comes to spending. However, the lack of social support systems might affect. their confidence should they encounter.
They thrive on living in the moment and tend to spend as they wish! They are also overly positive about their finances and even overestimate how much they think they know!
Take the quiz and see how your personality impacts your relationship with money - and your goals!
