Understanding the financial wellness of Singaporeans
We know you are concerned now.
Given ongoing economic challenges since the outbreak of Covid-19, the annual OCBC Financial Wellness Index recorded its second consecutive dip to an all-time low of 60 in 2023.
Overall, 60% of Singaporeans cannot comfortably spend beyond the basics and 54% do not have more than 6 months of income to overcome a crisis.
Young investors also had the largest losses this year. Only 32% of Gen Z and young millennial investors are on track with their investment goals and 40% of investors in their 20s suffered losses on their overall portfolio.
We developed 6 financial personas, based on a combination of the top 2 dominant financial personality traits. Some personas had better financial wellness index scores on average than others.
Which persona are you?
More Singaporeans are paying off their unsecured debts on time or ahead of time.
Of the Singaporeans that have unsecured debt, more of them are borrowing only the minimum that they need for the purpose of taking up the unsecured debt.
There are also fewer credit card holders who often pay the minimum sum.
While Singaporeans continue to save well, fewer Singaporeans save at least 10% of their salary.
There is also a decrease in the number of Singaporeans with sufficient emergency funds.
The number of Singaporeans that have enough to meet their family’s needs in the next 1 year has also dipped.
This year, fewer Singaporeans are on track to reaching their investment goals.
of investors are on track with their goals
Fewer Gen Z and millennial investors are on track to reaching their investment goals compared to other age groups.
More Gen Z and millennial investors also suffered losses on their investment portfolio compared to other age groups.
Fewer Singaporeans are working on their retirement plans.
of Singaporeans are working on retirement plans
Among those with retirement plans, fewer Singaporeans are on track with their goals.
are on track with retirement plans
Gen Zs and millennials with retirement plans are the least likely to be on track with their goals.
Fewer Singaporeans practised undesirable financial habits.
Fewer Singaporeans practised good financial virtues.
