Singaporeans Became the Kings of Saving in Southeast Asia: Survey

Singaporeans Became the Kings of Saving in Southeast Asia: Survey

In the latest survey conducted by Milieu Insight in January-February, Singaporeans have demonstrated superiority in financial management compared to other Southeast Asian populations. They are identified as the largest savers and the most enthusiastic investors in the region.

The report, titled "Personal Finance & Investment Habits in Southeast Asia," provides insights into individual financial behaviors across the region. In the report, Milieu found that 36% of respondents in Singapore save more than a quarter of their income after expenses and debt payments. This is significantly higher than the regional average of 21%.

On the contrary, countries such as Indonesia, Thailand and the Philippines lag behind, with only about half of their population able to save up to 10% of their income.

In addition, 87% of Singaporeans make sure to pay off their credit card bills in full each month, significantly outperforming their neighbors. Malaysia and the Philippines rank second and third respectively, with around half of respondents in each country diligently meeting their credit card payment obligations.

In terms of investment preferences, Singaporeans have a preference for equities, followed by time deposits and bonds, respectively. The primary motivation for investing is the desire to build wealth over time. A total of 72% of Singaporeans cite this preference, well above the regional average of 49%.

Milieu Insight notes that Singaporean investors are increasingly shifting to self-directed investment platforms, indicating a trend towards digital investment solutions favored by the tech-savvy. While traditional banks are still preferred, the trend towards digital platforms reflects the evolution of financial services.

The research took place between January and February and included 3,100 participants from Singapore, Malaysia, Indonesia, Thailand, Vietnam and the Philippines. The purpose of the survey was to explore the financial behaviors of the Southeast Asian population, including savings habits, credit card ownership and payment patterns.

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