Singaporeans named the biggest savers across Southeast Asia in new survey

SINGAPORE: In a recent survey conducted by Milieu Insight, Singaporeans have emerged as the frontrunners in Southeast Asia for their adept financial management skills, boasting the highest savings rate and displaying a keen interest in investment opportunities.

The report, titled ‘Personal Finance & Investment Habits in Southeast Asia’, sheds light on the financial behaviors of individuals across the region.

According to the findings, a significant 36% of respondents in Singapore save more than a quarter of their income after accounting for expenses and debt repayments, surpassing the regional average of 21%. This highlights Singaporeans’ strong propensity for saving and financial prudence.

In contrast, countries like Indonesia, Thailand, and the Philippines lag behind, with only half of their citizens able to set aside up to 10% of their income for savings, indicating a disparity in savings habits across Southeast Asia.

Furthermore, the survey revealed that an impressive 87% of Singaporeans ensure to pay their credit card bills in full every month, demonstrating a remarkable level of financial discipline.

In comparison, Malaysia and the Philippines ranked second and third, respectively, with approximately half of respondents diligently meeting their credit card dues.

When it comes to investment preferences, stocks emerged as the preferred choice among Singaporeans, followed by fixed deposit plans and bonds, in that order. The desire to build wealth over time stood out as the primary motivation for investment, with 72% of Singaporeans citing it, significantly higher than the regional average of 49%.

Milieu Insight noted a growing trend among Singaporean investors towards independent investment platforms, indicating a shift towards digital investment solutions favored by the tech-savvy population. While traditional banks remain popular, the preference for digital platforms reflects an evolving landscape in financial services.

The survey, conducted from January to February, polled 3,100 respondents across Singapore, Malaysia, Indonesia, Thailand, Vietnam, and the Philippines. Its aim was to gain insights into the financial behaviors of Southeast Asians, including saving habits, credit card ownership, and payment habits.