SurveyMonkey and CNBC reveal Singapore leads global optimism in financial security and economic stability.
SINGAPORE: A recent survey conducted by SurveyMonkey in collaboration with CNBC shows that 78% of Singaporeans trust the government to provide financial support during retirement, the highest among nine countries surveyed. This confidence also extends to Singaporeans’ optimism about the direction of their economy, far surpassing the global average.
Global Comparisons
While Singapore leads with 78% expressing confidence in government retirement support, other countries reported significantly lower figures. For example:
Germany: 34%
Australia: 36%
United Kingdom: 37%
United States: 49%
Mexico was the only country that came close to Singapore’s results, with 74% of respondents optimistic about their economic future.
Financial Stress and Concerns
Despite Singapore’s positive outlook, financial stress remains a common challenge worldwide. The survey found that inflation is the top financial stressor globally. Notably, only 49% of Singaporeans reported financial stress, the lowest among surveyed countries. By contrast:
Mexico: 73%
Spain: 72%
United States and Australia: 70%
United Kingdom: 63%
Additionally, many respondents in other countries feel financially worse off than their parents and are concerned about their children’s financial futures. Singapore bucks this trend, with most respondents reporting better financial situations than their parents at the same age.
Financial Security in Singapore
Singaporeans identified several key factors contributing to financial security:
Income:
At least S$100,000 annually: 31%
At least S$500,000 annually: 30%
At least S$1 million annually: 22%
At least S$50,000 annually: 12%
4% said they would “never feel financially secure.”
Investments:
51% depend on investment income for financial security.
23% consider diversifying investments as the most important factor.
Entrepreneurship:
20% believe owning a business is key to achieving financial security.
Singapore also stands out with 73% of respondents having established an emergency fund and a significant number on schedule or ahead of schedule for retirement savings.
Avoiding the “Vibecession”
While many countries experience a “vibecession”—a trend where negative economic perceptions outweigh positive financial data—Singapore seems immune. Respondents attributed their financial stability to steady, well-paying jobs and effective government policies.
Conclusion
As Singaporeans continue to display confidence in their government and financial systems, the survey underscores the nation’s robust economic foundation and proactive approach to securing retirement and long-term financial well-being.
