2 in 5 Singaporeans bearish on future finances

21% said they will not survive if they were to lose their main income source.

Almost half (41%) of Singaporeans are pessimistic about their financial health and future, according to a GoBear-commissioned survey.

The Lion City scored 68 out of 100 in GoBear’s Financial Health Index (FHI), beating Hong Kong (64), Thailand (61) and Indonesia (60), but its citizens are feeling the pressure on their finances due to a limited GDP growth and narrow competitive market, according to behavioural finance expert Wong Kon How.

Despite 91% claiming to have an average level of financial knowledge, almost half (43%) don’t feel financially secure and 21% said they would not survive if they were to lose their main source of income. Wong said this is largely due to Singaporeans having their cash tied to investments like the Central Provident Fund (CPF) and property ownership.

In addition, one in five (25%) believe that investing is very risky and would rather keep their hard cash at home.

Photo courtesy of Pexels.com.

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