Fewer Singaporeans are able to comfortably spend on things beyond the basics, and more do not have sufficient emergency funds or enough savings to meet their families' needs over the next year, a survey by OCBC found.
According to the bank's annual Financial Wellness Index released on Wednesday , just 40 per cent of Singaporeans can afford to spend beyond the basics most of the time, down eight percentage points from 2022.
"2023 has been yet another tough year, with the continuation of high interest rates, inflation and turmoil in the financial markets," said OCBC's head of group wealth management Tan Siew Lee. However, 9 per cent of respondents said they may be forced to sell or downgrade their properties as they are unable to sustain the loan. This is up one percentage point from 8 per cent a year earlier.
Some 53 per cent also think they do not have at least six months' salary as funds to overcome a crisis, up from 46 per cent the year before. Some 79 per cent of Singaporeans either do not have a retirement plan or are not on track with their retirement plans, rising from 71 per cent in 2022. The average rate of returns for Singaporean investors fell to 0.4 per cent in 2023, from 0.7 per cent the previous year.Gen Zs and young millennials had the highest proportion of investors who had losses, with 40 per cent of those in their 20s with negative investment returns.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
More Singaporeans are prioritising debt management: OCBC surveypstrongSix in 10 are paying off their housing loans on target./strong/p pThe number of Singaporeans putting a stronger emphasis on managing their debt has increased, OCBC’s Financial Wellness Index revealed.
Read more »
OCBC digital banking and payment services down; bank says there appears to be 'intermittent slowness'Some OCBC customers were unable to make PayNow transfers.
Read more »
Some OCBC digital banking services down, customers unable to use PayNowSINGAPORE - Some users of OCBC’s digital banking app and Internet banking services experienced issues making PayNow transfers on Tuesday. Read more at straitstimes.com.
Read more »
Some OCBC digital banking services down, customers unable to use PayNowSINGAPORE - Some users of OCBC’s digital banking app and Internet banking services experienced issues making PayNow transfers on Tuesday. Read more at straitstimes.com.
Read more »
OCBC digital banking services down, some customers unable to use PayNowSINGAPORE - Some users of OCBC’s digital banking app and Internet banking services experienced issues making PayNow transfers on Tuesday. Users who logged in to the app were met with a notice by OCBC acknowledging the technical issues.
Read more »
OCBC digital banking app down, some customers unable to use PayNow servicesSome users of OCBC’s digital banking app and Internet banking services experienced issues making PayNow transfers on Tuesday. Users who logged in to the app were met with a notice by OCBC acknowledging the technical issues. It apologised to customers for the...
Read more »