Eight in 10 Singaporeans said that their personal financial situations had been affected somewhat or to a large extent in the past one year due to inflation. The key areas impacted by inflation are: spending on necessities (71%), retirement plans (34%), and investments (26%).
With inflation soaring in recent months, Seedly and Milieu Insight have jointly published the “Seedly x Milieu Insight: The Impact of Inflation on Singaporeans” report. The report is based on an online survey conducted by Southeast Asia consumer research company, Milieu Insight, which aimed to find out how Singaporeans have been impacted by inflation and rising home prices, and their opinions of government measures to tackle these pressing issues.
The study indicates that Singaporeans are taking more precautions with their investments, with 65% investing less actively and investing in low-risk investments (65%) compared to a year ago. About 31% of Singaporeans are “very” or “somewhat satisfied” with the Singapore government’s measures to help Singaporeans cope with inflation. Meanwhile, 24% are dissatisfied, and 46% are neutral.
About nine in 10 Singaporeans are “very” or “somewhat concerned” about rising home prices. The report further states that those aged 35-44 years, who intend to buy a house in the 5 years tend to be looking at private housing (34%) compared to other age groups.
Commenting on the findings, Yeap Ming Feng, Head of Seedly, said, “Inflation has a higher impact on those with lower household incomes, and it is important for us to go back to the basics of personal finance to effectively tide through this difficult period of time. This includes getting sufficient insurance coverage and having a proper budgeting plan.”
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