9 in 10 says investing is the best strategy to protect wealth from financial challenges

Inflation is the top financial concern amongst Singaporeans.

Almost 90% of Singaporeans have said that investing can help protect their wealth, a survey by moomoo found.

However, lack of capital (31.9%), fear of losses (31.3%) and lack of knowledge (24.9%) were the most cited challenges by investors.

More than half (54.6%) of respondents cited the desire to live an easier and better life as the top goal of investing, followed by preparing for their retirement (34.7%), buying a better house (6%) and saving for their children’s education (4.6%).

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Meanwhile, rising prices ranked as the top concern amongst respondents (48%), compared to higher interest rates (21.4%), losing their jobs (17.7%), and increasing mortgage payments (12.9%).

The survey was conducted between 15 and 22 September, before the US Federal Reserve raised benchmark interest rates on 23 September by 0.75 of a percentage point and indicated that it will keep raising borrowing costs above current levels. According to Consumer Price Developments in August 20221, core inflation in Singapore was near a 14-year high in August due to the rising costs of food and services.