Understanding the financial wellness of Singaporeans

The Covid-19 pandemic and its resulting economic uncertainties has spurred Singaporeans to pay more attention to financial matters.

The overall Index score improved to 62, up from 61 in 2020, when the world first started to grapple with massive changes resulting from the unprecedented pandemic and the resulting economic slump.

Undesirable habits

Fewer are committing undesirable habits compared to the previous year:

Good Financial Habits

More Singaporeans are persisting with good financial habits:


Singaporeans who use digital financial tools achieve better Index scores:

Singaporeans who are digitally savvy are also more invested across all investment product types, including international stocks, REITs, ETFs, cryptocurrencies, bonds and structured deposits, than those who are less digitally savvy.

Millennials and investing

Younger millennials are investing, and in a wider range of investments:

More millennials are now investing via robo-advisory platforms, with 21% of millennials leveraging robo-advisory platforms to invest and grow their funds versus 15% of Singaporeans.

Women and wealth

More women are growing wealth for their own sake:

Planning for retirement

Singaporeans are scoring better in retirement, and more are choosing simpler lifestyles for when they retire:

Out of three retirement lifestyles that they could pick based on broad considerations on dining out, travel, car ownership, home ownership and so on, more Singaporeans (40% vs 36%) picked the most modest lifestyle compared to 2020.

However, many Singaporeans (81% vs 78% in 2020) are still underestimating the amount needed for their chosen retirement lifestyle by 31% (32% in 2020).

  • Retirement Lifestyle A
  • Retirement Lifestyle B
  • Retirement Lifestyle C

Retirement Lifestyle A


Retirement Lifestyle B


Retirement Lifestyle C

  • Eats at home, food courts & hawker centres
  • Owns & lives in a HDB property
  • Commutes via public mass transport
  • Medical consultation/ treatment at polyclinics and government hospitals
  • No domestic helper
  • Regional holidays 2 times a year e.g. Thailand, Hong Kong
  • Eats at food courts, hawker centres & mid-range restaurants
  • Owns & lives in a HDB property
  • Commutes via taxi or owns a mid-range car
  • Medical consultation/ treatment at General
  • Practitioner and government hospitals
  • Employs part-time domestic helper
  • Regional holidays 3 times a year e.g. Thailand, Hong Kong, Korea
  • Eats at mid-range & fine-dining restaurants
  • Owns and lives in private property
  • Owns a high-end car
  • Medical consultation / treatment at General Practitioners and private hospitals
  • Employs a full-time domestic helper
  • International holidays 2 times a year e.g. Europe, America
  • Enjoys lifestyle & wellness experiences

Read the OCBC Financial Index 2021 media release.

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