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Financial Wellness Index 2022

The COVID-19 pandemic - and its resulting economic uncertainties - has spurred more Singaporeans to adopt better financial habits. Take a closer look at how Singaporeans fared in the fourth edition of the OCBC Financial Wellness Index.

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86% of those in their 20s have investments, compared to 64% in 2020
86% of those in their 20s have investments, compared to 64% in 2020

41% of investors are on track with their goals, compared to 52% in 2021.

91% of Singaporeans save at least 10% of their salary. But just 53% have accumulated 6 months of current salary to overcome crisis.

Singaporeans with Monthly Personal Income (MPI) of $10,000 and above, incurred 12% higher unsecured debt (38%) vs MPI of below S$4,000 (26%).

22% of Singaporeans spend beyond their means to keep up with peers, compared to 15% in 2021.

Step 1
step-1

Understand your financial situation

  • Track and monitor your expenses with Money Insights and create a budget so that you do not overspend.
  • Avoid taking on high-interest debt. Pay off your credit cards on time.
  • Save at least 10% of your monthly salary. Set up a Savings Goal to have at least 6 months of emergency funds.
  • Too much idle cash may not be ideal. Explore OCBC Asset Builder to explore various ways to improve potential returns on your cash holdings.

Find out why
Step 2
step-2

Ensure that you are adequately insured

You should have:

  • An Integrated Shield Plan / hospital and surgical plan to help with unexpected medical bills.
  • A critical illness plan to support you through loss of income and added expenses. Ideal coverage should be 3.9 times your annual income.
  • A life insurance plan to protect both you and your loved ones. Ideal coverage should be 9-10 times your annual income.

Find out why
step 3

Plan for your future goals

With the foundations like an emergency fund and insurance plans in place, let us focus on planning for the future. Retirement? Your child's university education? Dream big and plan early.

Find out why
Start planning
Plan now

Pick 1 or more goals

First plan for your new home, then for your child's education and retirement

Plan for your child's education and retirement

First, plan for your new home then for your retirement

First, plan for your new home, then for your child's education

Plan for your child's future

Retire with peace of mind

Prepare for your new home

Home planner

5 minutes for single applicant

Find out how much you can borrow, the cash and CPF you need, and the total cost to buy the home.

Child's education planner

3 minutes

Starting with an estimate of your child's education costs, we'll show you how you can stay committed to their ambitions.

Retirement planner

3 minutes

We'll help you calculate how much you need based on the lifestyle that you want, then make a plan to stay focused on your retirement goal.

Child's education and retirement planner

5 minutes

Preparing for the future doesn't mean that you stop living for today. Make plans for you and your child's future.

Step 4
step-4

Find investment opportunities with OCBC

Saving alone is not enough to do all that we want in life – retirement, a dream home, your child's university education, enjoying your passion into your golden years – or even short term goals like going on sabbatical to travel the world or setting up a bakery business.

Find out whyInvest now
Step 5

Review your finances periodically

Do not be discouraged if you feel that you are not able to meet your goals today. Financial planning is a cycle. After all, circumstances change and needs evolve. 

'Six months' worth of expenses' means different things for a single person, a married couple and a couple with children. Protection needs also change as more people become dependent on you. As your income increases, and you become more confident and knowledgeable, you can also invest more.

A periodic review of your financial plans is crucial to ensuring that you can reach your goals eventually.

All your finances in one place

For more accurate financial planning, view all your finances across multiple banks and selected government agencies with Your Financial OneView.

Still unsure?

Come to us with your questions on financial planning

Have us contact you

or log in to OCBC Online Banking to start your Goal Planning.

Download the OCBC Mobile Banking app to start your Goal Planning

Understand your financial situation

The clearer you are about where your money comes from and goes to, the easier it is to adjust your spending behaviour so that you can save more. 

If Covid-19 has taught us anything, it is the importance of having emergency savings during periods of financial stress. A rule of thumb is to have at least 6 months' worth of your monthly expenditure in cash.

Why? Well, Singaporeans who lose their jobs typically take 3 to 6 months to find new ones. It could take even longer in a recession. Having at least 6 months' emergency cash means not having to worry about expenses while focusing on finding another job.

ensure that you are adequately insuredEnsure that you are adequately insured

Emergency cash alone is insufficient. Life is unpredictable. A health issue does not just mean medical expenses. It can impair your ability to earn money. Health insurance is one way to hedge against large, unexpected medical expenses.

Recovery from a major illness takes time. How do you focus on recuperation if expenses and money problems keep you up at night? Critical illness insurance plans help minimise these worries, providing you with a source of income while you focus on recovering. 

The situation becomes more complicated when you have dependants. What financial buffers does the family have to withstand a permanent reduction in income? Sure, emergency funds can sustain the family for a few months. But beyond that, what else can they rely on? Here, life insurance is important to protect you and your loved ones financially should something bad happen.

plan for your future goalsPlan for your future goals

Savings over and above your emergency fund should go into investing to get to these goals.

Never touch your emergency funds. They should only be tapped in dire circumstances. Emergency funds are like a fire alarm. You only break the glass if there is an emergency.

Find investment opportunities with OCBCFind investment opportunities with OCBC

Investing helps you maximise the amount of money you have. When interest rates are low, cash savings may be eroded by inflation.

The way you invest to retire is different from the way to invest to pay for the down payment to buy your ultimate dream home. It is also different from the way you save up to go on a very long holiday in Europe.

Address them separately. There are many different Investment classes: Equities (Singapore-listed stocks and those listed overseas), mutual funds (those that invest in bonds and those that invest in equities) and exchange-traded funds.

Put together an investment plan to meet your different short-term and long-term goals. But be aware that high returns come with high risk.