78% Singaporeans confident in gov’t’s ability to support them during retirement

SINGAPORE: Throughout the globe, Singaporeans are probably the most optimistic in regards to the economic system’s path and the federal government’s means to help them of their retirement years, in line with SurveyMonkey’s 2024 “Your Cash Worldwide Monetary Safety” survey, which was carried out in collaboration with CNBC.

“One key discovering confirmed that out of all of the nations surveyed, residents of Singapore felt extremely optimistic about their authorities when it got here to their funds.

About 78 per cent of these surveyed really feel assured the Singapore authorities will be capable to financially help them throughout retirement, which is notably increased than the responses from the opposite eight nations,” a CNBC report says.

In distinction to Singapore’s excessive variety of respondents who’re assured within the path of their economic system, different nations had startlingly totally different outcomes.

Lower than half of these surveyed confirmed optimism: Germany, 34 per cent; Australia, 36 per cent; the UK, 37 per cent; and the USA, 49 per cent.

Solely Mexico, the place 74 per cent of the contributors stated they had been optimistic about their nation’s financial future, got here near Singapore’s outcomes.

One key discovering of the examine is that no less than half of respondents throughout the globe are pressured over their private funds and that inflation is the highest monetary stressor.

“That’s regardless of predictions by the Worldwide Financial Fund that the worldwide economic system is approaching a ‘mushy touchdown’ and that inflation is slowly moderating,” CNBC identified.

The variety of respondents who stated they really feel monetary stress in every nation is as follows:

• Mexico: 73 per cent
• Spain: 72 per cent
• United States and Australia: 70 per cent
• United Kingdom: 63 per cent
• Germany: 57 per cent
• Switzerland: 55 per cent
• Singapore: 49 per cent
• France: 48 per cent

One other takeaway from the survey is that many respondents understand themselves as financially worse off than their mother and father and are frightened about their youngsters’s monetary futures.

The notable exception is Singapore, the place most respondents stated they had been in a greater monetary scenario than their mother and father on the similar age.

The survey, which was taken final month, took under consideration the monetary sentiments of greater than 4,300 adults in Australia, France, Germany, Mexico, Singapore, Spain, Switzerland, the UK, and the US.

CNBC famous that the detrimental sentiments of many throughout the globe are a part of “vibecession,” a pattern “the place the common client sentiment in regards to the economic system rings detrimental, despite the fact that monetary knowledge reveals the economic system is doing simply positive…

Put merely, it’s like a recession — however based mostly on vibes and notion, not truth.”

Nevertheless, Singapore seems to have been spared from “vibecession.”

When requested what would make them really feel financially safe, respondents from Singapore stated they worth a gradual job that pays nicely.

Right here is the breakdown of how a lot cash they should earn per 12 months to attain monetary safety:

• At the least S$100,000–31 per cent
• At the least S$500,000–30 per cent
• At the least S$1 million — 22 per cent
• At the least S$50,000–12 per cent
• Nevertheless, 4 per cent stated they’ll “by no means really feel financially safe.”

Extra Singapore outcomes

• 51 per cent stated they rely on earnings from their investments to offer them monetary safety
• 23 per cent stated diversifying their investments was the “most essential” consider reaching monetary safety
• 20 per cent stated proudly owning their very own enterprise was the “most essential” consider reaching monetary safety
• Singapore has the best variety of respondents (73 per cent) who’ve arrange an emergency fund
• Singapore and France have probably the most respondents who stated they’re on schedule or forward of schedule for retirement financial savings. /TISG

Learn additionally: 55yo man with no financial savings frightened about retirement asks what he can do for the subsequent 10 years