Rosier future than the present

Only 40% are confident about their present financial situation but it rises to 54% when asked about their expectations three years from now.

Rosier future than the present

Investor sentiment in Singapore has improved significantly since the global financial crisis. But volatile international and local markets remain core elements affecting individuals’ risk appetite.

The rapidity of this change and further growth from already elevated levels have left many concerned. It could be for this reason that many people are less confident about their current finances than they are about their situation in three years’ time.

Presently, only 40% of respondents are confident about their personal financial situation. But this rises to 54% when asked about their expectations three years from now.

Over the same period, the percentage of people that are not at all confident drops from 16% now, to 11% three years out.

Older generations are significantly more positive than younger ones about their current financial position, with 57% of over 55s confident, compared to 33% of 16-21 year olds and 30% of 22-30 year olds.

Looking ahead three years however, those aged 16-21 and 22-30 were the most confident age groups with 57% and 68% of respondents respectively upbeat, compared to 52% of over 55s. This difference could perhaps be explained by two factors.

While Singaporeans are generally positive about their prospects for the coming three years, there is a clear focus on the long term when it comes to their financial goals. Having an income in retirement was the most popular financial goal, as cited by 40% of respondents, while 39% said having a safety net in case anything goes wrong is also a major focus. The third most cited goal, as mentioned by  6%, was being cared for in old age.