Understanding the financial wellness of Singaporeans

Take this quiz to gauge your financial wellness

This 12-question quiz provides you with a simple indication of your financial wellness, to nudge you towards adopting better financial habits. It is not a comprehensive survey. The questions are based on the 10 pillars of financial wellness as defined by OCBC Bank's wealth experts.

Saving habits

Are you saving at least 10% of your salary every month?

We should save at least 10% of our monthly salary. 9 in 10 Singaporeans do that!

If you were to lose your job now, would you have enough savings to pay for at least 6 months of your expenses?

Put aside enough to cover at least 6 months of expenses in case you are out of work. 1 in 2 Singaporeans do not have this amount. If we lose our jobs, we take about 3 to 6 months, or even more, to find a new one.

Protection from financial emergencies

Is your critical illness insurance coverage around 3.9 times your annual income?

Having an insurance pay out of 3.9 times our annual income gives us enough money for a few years when our illness stops us from working. Only 1 in 10 Singaporeans have this.

Do you have an integrated shield plan or other hospitalisation plan from a private insurer?

Healthcare is not cheap. Additional coverage on top of MediShield Life will be a big help when it comes to unexpected medical bills. 2 in 3 Singaporeans have additional private insurance plans.

Retirement planning

Do you plan for retirement by saving and investing regularly?

9 in 10 Singaporeans who are making good progress in building up their retirement funds save and invest regularly.

Regular investing

Do you often set aside money in your savings account and invest the rest?

Investing has its risks but leaving your money in your savings account is not enough. 8 in 10 Singaporeans who don't invest are less likely to be able to retire well.

Regular reviews

Do you meet your financial consultant at least once a year?

1 in 2 Singaporeans do not review their financial plan annually with an expert. This group ends up with lesser investment returns than those who do, with the difference being as much as 1%.

Gambling habits

Do you refrain from gambling or taking part in games of chance?

Gambling is an undesirable habit that can set us back financially and should be avoided. 62% of Singaporeans who often gamble more than they can afford to lose are not on track with their investment goals.

Excessive speculation

Are you cautious about investing to make quick gains?

Speculation is not a wise way to grow your wealth. Invest by making an informed decision and taking a calculated risk. 2 in 3 investors who do not speculate excessively are on track with their investments.

Borrowing money from loved ones

Do you avoid borrowing money from friends and relatives?

Constantly borrowing money from friends or family can strain relationships and is a sign of poor financial management. 9 in 10 Singaporeans do not have this habit.

Spending beyond means

Do you stick to your spending budget?

Control your spending habits so that you can build up your funds towards your financial goals. 72% of Singaporeans stick to their budget.

Manageable debts

Do you always pay your credit card bills in full and on time, rather than only the minimum sum?

At an interest rate of 24% per annum, credit card debt can snowball quickly. Always pay off your credit card balance in full and on time. 69% of Singaporeans have no unsecured debt.

How we can help

Your Financial Wellness quiz score is 0/12.

You need to get serious about your financial health. Let us help you! Visit our branches or visit to set up an appointment with our mobile advisory. Do not wait until it is too late – the earlier you start, the more time you will have to build up funds to achieve your desires.