In the most recent survey conducted by Milieu Insight in January and February, Singaporeans showed superiority in financial management in comparison with other Southeast Asian populations. They are identified because the region’s biggest savers and most enthusiastic investors.
The report, titled “Personal Finance and Investment Habits in Southeast Asia,” provides insight into individual financial behavior across the region. In the report, Milieu found that 36% of respondents in Singapore save greater than 1 / 4 of their income after expenses and debt repayment. This is significantly higher than the regional average of 21%.
On the contrary, countries resembling Indonesia, Thailand and the Philippines are lagging behind, with only about half of their population able to avoid wasting as much as 10% of their income.
Additionally, 87% of Singaporeans make certain to repay their bank card bills in full every month, far outpacing their neighbors. Malaysia and the Philippines rank second and third, respectively, with about half of respondents in each country diligent in meeting their bank card payment obligations.
When it involves investment preferences, Singaporeans prefer stocks, followed by fixed deposits and bonds, respectively. The essential motivation for investing is the will to build up wealth over time. Overall, 72% of Singaporeans indicate this preference, well above the regional average of 49%.
Milieu Insight notes that Singaporean investors are increasingly switching to standalone investment platforms, indicating a trend towards digital investment solutions preferred by tech-savvy individuals. While traditional banks are still preferred, the trend towards digital platforms reflects the evolution of monetary services.
The study ran from January to February and involved 3,100 participants from Singapore, Malaysia, Indonesia, Thailand, Vietnam and the Philippines. The aim of the survey was to look at the financial behavior of Southeast Asian people, including saving habits, bank card ownership and payment patterns.
