SINGAPORE: Across the globe, Singaporeans are the most optimistic about the economy’s direction and the government’s ability to support them in their retirement years, according to SurveyMonkey’s 2024 “Your Money International Financial Security” survey, which was conducted in collaboration with CNBC.
“One key finding showed that out of all the countries surveyed, residents of Singapore felt highly optimistic about their government when it came to their finances.
About 78 per cent of those surveyed feel confident the Singapore government will be able to financially support them during retirement, which is notably higher than the responses from the other eight countries,” a CNBC report says.
In contrast to Singapore’s high number of respondents who are confident in the direction of their economy, other countries had startlingly different results.
Less than half of those surveyed showed optimism: Germany, 34 per cent; Australia, 36 per cent; the United Kingdom, 37 per cent; and the United States, 49 per cent.
Only Mexico, where 74 per cent of the participants said they were optimistic about their country’s economic future, came close to Singapore’s results.
One key finding of the study is that at least half of respondents across the globe are stressed over their personal finances and that inflation is the top financial stressor.
“That’s despite predictions by the International Monetary Fund that the global economy is approaching a ‘soft landing’ and that inflation is slowly moderating,” CNBC pointed out.
The number of respondents who said they feel financial stress in each country is as follows:
- Mexico: 73 per cent
- Spain: 72 per cent
- United States and Australia: 70 per cent
- United Kingdom: 63 per cent
- Germany: 57 per cent
- Switzerland: 55 per cent
- Singapore: 49 per cent
- France: 48 per cent
Another takeaway from the survey is that many respondents perceive themselves as financially worse off than their parents and are worried about their children’s financial futures.
The notable exception is Singapore, where most respondents said they were in a better financial situation than their parents at the same age.
The survey, which was taken last month, took into account the financial sentiments of more than 4,300 adults in Australia, France, Germany, Mexico, Singapore, Spain, Switzerland, the UK, and the US.
CNBC noted that the negative sentiments of many across the globe are part of “vibecession,” a trend “where the average consumer sentiment about the economy rings negative, even though financial data shows the economy is doing just fine…
Put simply, it’s like a recession — but based on vibes and perception, not fact.”
However, Singapore appears to have been spared from “vibecession.”
When asked what would make them feel financially secure, respondents from Singapore said they value a steady job that pays well.
Here is the breakdown of how much money they need to earn per year to achieve financial security:
- At least S$100,000–31 per cent
- At least S$500,000–30 per cent
- At least S$1 million — 22 per cent
- At least S$50,000–12 per cent
- However, 4 per cent said they’ll “never feel financially secure.”
More Singapore results
- 51 per cent said they depend on income from their investments to give them financial security
- 23 per cent said diversifying their investments was the “most important” factor in achieving financial security
- 20 per cent said owning their own business was the “most important” factor in achieving financial security
- Singapore has the highest number of respondents (73 per cent) who’ve set up an emergency fund
- Singapore and France have the most respondents who said they’re on schedule or ahead of schedule for retirement savings. /TISG
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