The index, which was launched in 2019, is a measurement of the state of Singaporeans’ financial wellness. The index is based on 10 pillars of financial wellness, which include saving habits, protection from financial emergencies and regular investing. The 10 pillars were defined by OCBC’s wealth management experts.
Amid the challenging macroeconomic environment in 2022, including record-high inflation, rising interest rates and geopolitical uncertainty, the Oversea-Chinese Banking Corporation (OCBC) Financial Wellness Index 2022 dipped to 61, reversing from 2021’s gains at 62.
The score also represented a return to 2020 levels, during the height of the Covid-19 outbreak.
