As Singaporeans brace for a sluggish economic outlook in 2025, a recent survey reveals that over 80% of residents are planning to take a more active role in managing their finances.
AIA Singapore’s report shows that 83% of the population intends to focus on their financial health, with concerns over inflation and the rising cost of living topping the list. Nearly half (50%) of respondents cited these issues as their primary economic worry, followed by job security (35%) and income levels (34%).
The survey also highlights a generational divide in perceptions of economic preparedness. Among those aged 18 to 29, 54% feel financially equipped to face upcoming challenges, while only 34% of those aged 40 to 49 share similar confidence. This age group often bears additional financial responsibilities, such as caring for parents or children.
Despite these concerns, optimism about the economy remains low, with only 47% of respondents expressing confidence in Singapore’s economic future.
When it comes to financial priorities, Singaporeans are focused on savings (62%), maintaining a stable income (57%), and building emergency funds (52%). Notably, nearly half (48%) also view insurance as an essential tool for ensuring financial stability.
In response to ongoing uncertainties, 22% of those surveyed plan to increase their spending on insurance, while 27% are looking to boost their investments in 2025. Furthermore, 59% of respondents indicated they would cut back on daily expenses or large purchases as a precautionary measure.
AIA’s survey, which collected responses from 1,000 Singaporeans between November 29 and December 9, 2024, sheds light on the financial, health, and wellness concerns of the population as they navigate a challenging economic landscape.
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