We gathered insights from over 1,000 Singaporeans to better understand what they felt, thought, did about their personal finances
The GoBear Financial Health Index
Conducted in August 2019, the GoBear Financial Health Index (FHI) sought out to understand how well people around Asia were faring on all things personal finance.
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.
In Singapore, we polled more than 1,000 participants across the ages of 18 to 65 with daily access to an Internet-enabled device.
How did Singapore fare?
- There is more controlled spending among those aged 35 and above, but those below 35 are likely to spend more than they should
- Many people are still too conservative and wish to "feel their money" in their hands
- In spite of being highly active social media users, wealth topics are unattractive among Singaporeans
We believe that Financial Health is based on the following 3 main pillars:
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 almost equivalent in actual financial knowledge, however females perceived themselves to be less competent.
- What they think they know
- What they actually know
On a scale from 0 to 10, Singaporeans on average rated themselves 6.4 when it comes to how secure they feel financially
Singaporeans who have not started actively saving for retirement
LOSS OF INCOME
Singaporeans who are able to cover their living expenses for more than six months if they lose their main source of income
COST OF LIVING
of Singaporeans cited cost of living outspacing their earnings as the main barrier to achieving financial security
Do Singaporeans have equal access to financial products and services?
More men find it easier to access and buy financial products compared to women.
Out of 18 different financial products shown in the survey, Singaporeans on average owned 9.21.
Top 5 financial products most Singaporeans own:
- Savings account 100%
- Credit card 96%
- Central Provident Fund (CPF) 96%
- Health Insurance 94%
- Life Insurance 89%
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!
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