70% of Singaporeans concerned about higher household expenses: Study

by Albert02

70% of Singaporeans concerned about higher household expenses: Study

70% of Singaporeans concerned about higher household expenses: Study. According to a recent UOB poll, nearly 70% of Singaporeans are concerned about rising family expenses. This is an 11-point increase over last year, owing to growing prices and an uncertain economic outlook. Around 70% of Singaporeans believe the country will face a recession within the next six months, a 7 percentage point increase from last year.

In June, UOB questioned about 3,500 people across five markets for the third edition of its annual study. More than 1,000 Singaporeans of all ages and socioeconomic backgrounds are among them. According to the report, consumers’ top objectives include having enough money, planning ahead for retirement, and being able to buy critical products for themselves and their family. Ms Jacquelyn Tan, UOB’s head of group personal financial services, stated that consumer spending has returned to pre-pandemic levels as economies around the world reopen. This follows several years of increasing savings as Covid-19 eliminated travel.

“If you look at the fourth quarter, spending will continue to go up because of the upcoming festive and travel season,” she told reporters on Wednesday. “But I think it will normalize to a certain level because this is also a savings market that we have seen overall.” Consumers are now spending more, with the average ticket size of ordinary daily expenses growing from January to July, adjusted for inflation, when compared to the same period last year. The average fare for a cab journey increased by 114%. Utility costs increased by 22%, fuel costs increased by 15%, and food expenses increased by 10%.

Singaporeans, on the other hand, are planning ahead, for example, by investing their money and insuring themselves against unanticipated events. The average placement of UOB clients in fixed deposits – interest rates for these products have climbed across banks in recent months — increased by 37% in July and August compared to the first six months of 2022. Purchases of government assets such as Singapore Savings Bonds and Treasury bills increased by 462% during the same period.

Meanwhile, insurance policy enrollment has increased by 20% this year compared to the same period last year.

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Source: https://www.straitstimes.com/business/economy/70-of-singaporeans-concerned-about-higher-household-expenses-study


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