3 in 10 Singaporeans worry over failing to meet financial goals

Reliance on government funds may not be enough.

According to a new study by Nielsen, almost two-thirds of consumers in Singapore (65%) believe they will achieve all their financial goals for the future. While a significant proportion of those is aware of the need to take a pro-active approach to saving and investing - 50 percent say they will need to closely monitor and adjust investments from time to time in order to best meet their financial expectations – a meagre 15 percent thinks that the current planning efforts will suffice for the future.

Conversely, more than one-third of Singaporean respondents (35%) have no confidence they will meet all their financial goals with either current or modified asset allocations.

“Understanding consumer sentiment on the saving strategies used to fund financial goals provides insight into how consumers are responding to the challenge of ensuring financial security,” said Luca Griseri, Head of Financial Services, Nielsen Singapore and Malaysia.

“As growing numbers of the population enter retirement age in Singapore, there are growing concerns about reliance on government funds to support expenses such as retirement, health care and education.”

The Nielsen Global Survey of Saving and Investment Strategies polled more than 30,000 Interneti respondents in 60 countries to evaluate how consumers around the world are preparing for current and future financial expenses. Nielsen evaluated 16 different saving and investment strategies used to fund a range of 14 long- and short-term financial goals.

Consumers in Indonesia and Philippines were the most financially optimistic in the Southeast Asia region, with 88 percent and 83 percent respectively believing they will achieve all their financial goals for the future.