Singapore – A majority of Singapore residents (83%) are prioritising financial planning as they anticipate economic challenges this year, according to a study from insurance company AIA Singapore.
With only 47% of residents optimistic about Singapore’s economy, AIA’s study underscores how most plan to manage their savings, investments, and insurance more actively. Most cite inflation and cost of living as a top concern, while others consider job security and income levels.
While more than half (54%) of 18 to 29-year-old Singaporeans feel ready to face economic challenges, only 34% of those in their 40s feel the same, the study found.
As Singaporeans plan to address the challenge, the study shows that their priorities include managing savings (62%), maintaining stable income (57%), and setting up an emergency fund (52%). 48% also recognize the importance of insurance in their financial planning.
Additionally, more than half (53%) of Singaporeans are concerned with healthcare as they deem it expensive. 57% plan to address this through insurance, while others intend to turn to their personal savings and government healthcare support.
To prioritise having stable employment, younger individuals are focusing on upskilling (40%), while those in their 40s are building their savings (55%) and emergency funds (46%).
“Despite the expectation of challenging times, the people of Singapore are showing remarkable resilience and proactiveness. This reflects a maturing society which has a better understanding and appreciation of the value of planning early and planning well for their future and that of their loved ones, which is especially noteworthy as we celebrate Singapore’s 60th birthday this year,” Irma Hadikusuma, chief marketing and healthcare officer at AIA Singapore, said.
