Here's why more Singaporeans are turning into penny pinchers

At least three in five are tracking expenses on a regular basis.

One in three Singaporeans’ relationship with money has changed for the better since the pandemic, a survey conducted by personal finance website SingSaver has found.

With Singapore easing into reopening plans, 75% of Singaporeans say they are more concerned about their finances, with 48% of them starting to track expenses on a regular basis. Meanwhile, 46% have started to make more effort to compare between products before purchasing.

When asked what were the key motivations for their change in relationship with money, 51% cited preparing for unforeseen circumstances, whilst 47% said the urge to gain financial freedom was what drove them.

As Singapore recovers from a challenging 2020, Singaporeans mentioned that they have had a better relationship with money since the pandemic, citing the economic recession (47%) and change in personal goals and aspirations (41%) as key factors influencing this relationship.

According to Singsave’s country manager, Henry Sewell, Singaporeans taking charge of their finances were also seen in Singsaver’s web traffic which has increased 2.4 times compared to the same time last year.

“The survey findings have reinforced our belief that personal finance content and comparison tools are key to a positive relationship with money and SingSaver remains committed to helping people reach their personal finance goals through such resources,” Sewell added.

Despite more Singaporeans watching their expenses, the study found out that 55% of Singaporeans saw an increase of up to 20% in monthly expenditure, including food and drinks, healthcare and utilities, as compared to before the pandemic, partly due to more people working from home.

Meanwhile, more Singaporeans are also thinking about retirement, with 35% of them already actively planning for retirement pre-pandemic, and an additional 28% of them starting since the pandemic.

“Tellingly, more younger people aged 18-34 are preparing for retirement earlier, with 45% of them starting retirement planning within the first five years of employment as compared to only 25% of those over 45.,” Singsaver said.