Some 1 in 3 Singaporeans say they now have a better relationship with their money and finances after the Covid-19 pandemic hit in 2020, according to a survey conducted by SingSaver.
The survey was conducted amongst 1,000 Singaporeans and permanent residents (PRs) aged 18 and above, from March 18 to April 5, 2021. The survey, says SingSaver, was done in a bid to better understand Singaporeans’ change in their relationship with money as compared to that before the pandemic.
Some 57% of those polled have expressed confidence in managing their own finances compared to before the pandemic.
Of those, 51% say the change came as they were preparing for unforeseen circumstances, while 47% say they were seeking to gain financial freedom.
According to the same survey, 90% of Singaporeans polled are planning their finances for the long-term more than before.
Some 64% of those polled have started planning for retirement, while 36% say they began investing since the pandemic.
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Some 58% of those polled say they have invested more of their income during the pandemic, while 62% have diversified their portfolio by investing in new products.
Around 40%, or four in 10 Singaporeans have started investing in bonds and stocks while 27% have started investing in cryptocurrency.
As Singaporeans started working from home since 2020, 55% of those polled saw a 20% increase in monthly expenditure during the pandemic, with food & drinks, healthcare and utilities being in the top three categories that saw higher expenses.
Post-pandemic, almost half of those polled, or 48%, are starting to track expenses on a regular basis and 46% of them starting to compare between products before purchasing since the pandemic.
“Singaporeans are taking charge of their personal finances, especially as we continue to navigate pandemic related challenges,” says Henry Sewell, country manager at SingSaver.
“The survey findings have reinforced our belief that personal finance content and comparison tools are key to a positive relationship with money and SingSaver remains committed to helping people reach their personal finance goals through such resources,” he adds.
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