Survey finds 55% of Singaporeans feel Budget measures not enough for rising costs

SINGAPORE: When Prime Minister Lawrence Wong rolled out the Budget statement on Feb 18, he said that additional support would be given “as long as it’s needed” within the Government’s means, as he acknowledged that Singaporeans continue to face higher costs of living.

While the Singapore economy performed beyond expectations in 2024 and grew by 4.4 per cent, Singaporeans are still dealing with higher prices of goods largely due to global events, and inflation is expected to range from 1.5 to 2.5 per cent, said Mr Wong, who is also the Finance Minister.

He announced a slew of support measures for everyone’s benefit, including the SG60 Package, which was named in celebration of Singapore’s 60 years of nationhood. Nevertheless, more than half of Singaporeans appear to feel that these measures would not be enough to cope with rising living costs.

The Singapore-based global market research and data analytics company Milieu Insight released the results of a poll taken of 1,002 adults after the Budget Statement. It showed that while the number of respondents who felt that the Budget helps them manage everyday expenses is higher than last year, a significant number still expressed concern that the measures would not be enough.

In 2024, 38 per cent of Singaporeans said that Budget measures were adequate, while 62 per cent said otherwise. This year, 45 per cent said Budget measures were enough to help them cope with higher living costs, with 55 per cent disagreeing.

More Singaporeans from the ages of 25 to 54 tended to express dissatisfaction with the Budget’s cost of living measures, while those from the ages of 17 to 24 and over the age of 55 were more satisfied with the support measures PM Wong announced.

Nevertheless, the positive sentiment toward the Budget is higher than last year. 56 per cent of respondents this year said they had a positive response toward the Budget, in comparison to just 51 per cent last year. Overall, negative sentiment has stayed low, down from 9 per cent in 2024 to 7 per cent this year.

Additionally, 66 per cent this year said that the $800 CDC vouchers, up from $600 last year, would be useful to them. Also, 72 per cent identified the SG60 package as impactful to them, more than any other measure announced last year. However, the impact of the CPF contribution rate declined from 22 per cent in 2024 to 16 per cent in 2025. /TISG

Read also: BUDGET 2025: PM Wong announces additional support ‘as long as it’s needed’ as Singaporeans face higher costs of living