Over a third of Singaporeans' saving habits hit by pandemic: study

Only 17% say they were able to save more.

Even the saving habits of Singaporeans have been affected by the COVID-19 pandemic, according to a study revealed by Singapore-based wealth management and financial advisory firm AAM Advisory.

More than 33% of respondents believe their saving habits have been affected, with 25% saying they are now saving less and 11% having lost their income entirely or can’t save at all.

Only 17% of respondents confidently expressed they have been able to save more amidst the pandemic.

Findings show middle-aged respondents (45–54-year olds) were impacted the most, with 30% mentioning they have had to cut on savings and 12% saying they have lost their income.

On the other hand, only 19% of younger respondents (25–34-year olds) say they’ve been saving less during the pandemic. Half of them remark their saving habits haven’t changed, or they have been able to save more even during the crisis.