Singaporeans have always been fond of saving their money. But the global financial meltdown has only added to the attractiveness of savings accounts, according to a new survey from The Nielsen Company. Close to six in ten (57%) Singaporeans said that they are now saving spare cash at the expense of their investments and insurance, marking a slight increase from pre-crisis levels.
But the biggest change has come from high-income households. Prior to the crisis, about 40 percent said that they saved most of their money; now, 52 percent indicate that savings accounts are their preference, while investments lost 7 percent.
Of those who are still investing their money in the market, stocks continue to be the popular option, with 48 percent indicating equities as their top choice, followed by mutual funds (27%) and properties/real estate (14%).
"Singapore has always been amongst the top three countries in Nielsen global surveys in terms of the number of people expressing their intention to save their spare cash. We are definitely a cautious lot who are more comfortable putting our hard-earned money in fixed deposits and saving for a secure tomorrow," said Joan Koh, Executive Director, The Nielsen Company Singapore.
The survey on finance management polled 921 Singaporean adults aged 18 and older to find out how they apportion their disposable funds prior to and after the onset of the global economic crisis.