7 of 10 Singaporeans worried about high cost of living

31% also say that they do not have a financial plan.

A report released by St. James Place Wealth Management Asia showed that 69%, or 7 out of 10 Singaporeans, are worried about the high cost of living in the country. 

Overall, 31% of Singaporeans have no financial plan, with 24% even going so far as to say that this contributes to them not being able to commit more to savings investments. 

Building upon this, 75% of respondents are ready to make lifestyle sacrifices in order to enjoy a better future, whilst 70% feel worried about their ability to cover health care costs in retirement.

Attitude towards financial planning has also shown signs of staying strong, as 81% say that alternative sources of income are a priority in the next year. 58% have also said that they have two or more sources of personal income. 

The study also found that the most invested asset classes are cash, equities, and investment-linked insurance policies, with 85%, 69%, and 53%, respectively. 

Meanwhile, asset classes that respondents were most satisfied with include managed funds (28%), superannuation funds (27%), and property (26%).

As a result of this increased attitude towards financial literacy, over 76% of Singaporeans said that they are most likely to seek financial advice before any decision, with over 52% of investors in Singapore currently engaged with a professional financial adviser.