Social media popular hub for financial discourse amongst Singaporeans: report

Singapore – As information becomes more accessible and easily digestible online, a new study by Meltwater found out that Singaporeans are becoming more transparent in using social media as a platform for financial discourse. 

One of the key findings revealed that this significant shift prompted users to seek financial advice online while also establishing collective information through community, support and validation. In particular, the term ‘saving money’ yielded around 78% increase in Singapore’s social media mentions from September 2022 to August 2023, compared to a year ago. 

According to the report, buy now pay later methods (BNPL) also became a trending topic online as mentions of BNPL skyrocketed to 169 % during the same period. More specifically, it was noted that BNPL firm Atome received the highest positive sentiments whereas Grab PayLater resulted otherwise. 

Additionally, recent data observed that phrases like “scam victims” have surged to 79% reaching 21,900 mentions online. This resulted in the terms gaining more prominence in discussions about finance and cybersecurity. 

David Hickey, executive director at Meltwater (Asia-Pacific) commented, “Meltwater’s study underscores the shifting landscape of social media conversations surrounding personal finances. Our findings reveal that people are not only seeking financial advice and security but also forming a collective voice to drive change in how they manage their finance.”

“Brands in the financial space have an incredible opportunity to engage with consumers by understanding and participating in these conversations. By actively listening to the concerns and preferences of their audience, companies can offer tailored solutions and build trust in a challenging business environment,” Hickey ended. 

Meanwhile, a growing reliance on financial influencers was perceived  as the impact of social media’s  significance as an essential avenue for financial conversations.

The report has also identified the top finance influencers in Singapore. Amongst them, The Woke Salaryman scored the highest, followed by Genecia Alluora in second place. Michelle Hon, The Simple Sum, and SG Budget Babe were also ranked respectively.