SINGAPORE – January 14, 2014 – According to a new study by Nielsen, a leading global provider of information and insights into what consumers watch and buy, almost two-thirds of consumers in Singapore (65%) believe they will achieve all their financial goals for the future.
While a significant proportion of those is aware of the need to take a pro-active approach to saving and investing – 50 percent say they will need to closely monitor and adjust investments from time to time in order to best meet their financial expectations – a meagre 15 percent thinks that the current planning efforts will suffice for the future. Conversely, more than one-third of Singaporean respondents (35%) have no confidence they will meet all their financial goals with either current or modified asset allocations.
The Nielsen Global Survey of Saving and Investment Strategies polled more than 30,000 Internet respondents in 60 countries to evaluate how consumers around the world are preparing for current and future financial expenses. Nielsen evaluated 16 different saving and investment strategies used to fund a range of 14 long- and short-term financial goals.
Consumers in Indonesia and Philippines were the most financially optimistic in the Southeast Asia region, with 88 percent and 83 percent respectively believing they will achieve all their financial goals for the future.
Future investment plans are stronger than current saving activities
Across all 14 goals reviewed, Singaporean respondents’ intentions to save in the future are stronger than current saving activities for the majority of the goals (11 out of 14).
Plans to save in the future are especially strong among respondents in Singapore for intentions to fund: personal luxuries (54%), financial legacy (53%), retirement fund (52%), upgraded and second-time property purchases (both 50%).
Health issues, household emergencies and loss of job/income top priorities for active saving
Nielsen information shows that for those who are actively saving now, health issues, unexpected household emergencies and loss of job/income are priorities among Singaporean respondents versus saving for longer-term financial goals:
· Health issues (51% active savers vs. 44% future savers)
· Unexpected household emergencies (48% active savers vs. 47% future savers)
· Loss of job/income (47% active savers vs. 45% future savers).
Retirement, children’s futures also important saving goals
Active saving for longer-term issues such as retirement and children’s futures are priorities among one in four of Singaporean respondents (41% and 37%, respectively).
Of the current saving activities, Singaporeans allocate the highest contribution to fund their children’s futures (17%), followed by retirement fund (16%) and first-time property purchase (11%).