Singapore posts steepest crash in financial literacy across Asia Pacific: survey

Singapore slid to sixth place in the Financial Literacy Index.

There was a time when Singapore had one of the highest financial literacy rates across the region. This period, however, appears to have drawn to a close.

The republic crashed to sixth place in MasterCard’s most recent Financial Literacy Index, as more Singaporeans struggle to grasp basic money management skills.

Singapore’s overall Financial Literacy Score slipped 4 points to 68, representing the biggest drop regionally and causing the republic to regress from 2nd to 6th place in the region.

MasterCard noted that consumers’ understanding of basic money management with this component fell by almost six points to 67.

“Going by the survey results, people in Singapore are finding it harder to keep up with bills, budget effectively and manage unsecured loans,” MasterCard stated.

With an overall Financial Literacy Score of 73, Taiwan’s advancement of 2 points places it in first place in the Asia Pacific, allowing it to regain top spot after dropping to third place in the previous survey.

Hong Kong’s advancement from fifth place in Asia Pacific to third place overall is due to the decline in scores for the top few markets.