A recent RFi Global study looking at Singapore banking trends revealed that nearly 8 in 10 Singaporeans, or 79%, are confident about their income within this year.
Of the 79% recorded, 45% of Singaporean respondents were confident with maintaining their salary, whilst 34% looked to grow past the initial amount.
The study included 13,000 adults across 11 markets worldwide and was conducted between April to June 2021.
This figure is more noticeable in growing markets, with Mexico, China, and India logging in at 73%, 62%, and 61%, respectively.
31% of Singapore respondents also said they would be willing to invest more. This is less when compared to Indonesia’s 47% and more when brought next to the UAE’s 17%. The UK and Hong Kong were also the respondents with the least amount of those willing to invest more at 15% and 16%.
CEO Charles Green of RFi, said these results reflect the changing consumer needs.
“Consumer needs are changing faster than ever. The pandemic seems to have galvanised the younger generations, in particular, to save and invest more. They tell us they want tools that give them oversight and insight into their finances, from viewing all upcoming payments and accounts to the analysis of their spending and saving. Delving into people’s motivations and thinking helps banks and fintech remain relevant and personalized resulting in great benefits for both. Banks and fintech have a key role to play in providing tools and supporting banked adults as they rebuild confidence and new aspirations.”
Read the article here.
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