Singaporeans with a global mindset are more financially fit: HSBC survey

International-minded individuals include those who plan to send their children abroad.

If there’s one thing in common between Singapore’s most financially fit individuals, it’s that they have a global mindset.

According to HSBC’s survey, 79% of the “Fittest” or very financially fit Singaporeans, and 72% of the “Fitter” group or those with moderate financial fitness view themselves as global citizens.

In Singapore, 30% belong to the “Fittest” group, whilst 48% are part of the “Fitter” group. 

HSBC said individuals who consider themselves as global citizens are those who either have plans to send their children abroad or own overseas properties or financial products outside of Singapore.

International-minded Singaporeans also tend to do more active financial planning (67%) compared to those that have no such interests (49%) and have better financial knowledge (74% vs 62%).

“We see a strong link between having an international mindset and a better FinFit score. A possible reason could be having the desire to study or invest overseas forces one to remain disciplined in saving and planning their finances to meet these goals,” Ms Alice Fok, head of Customer, International and Marketing, HSBC Bank (Singapore), said.

“While being disciplined about their expenses and savings is a good base to start, people in Singapore need to make a concerted effort to do more active financial planning as it will help them be more financially resilient,” Fok added.