According to a recent consumer survey by Hong Leong Finance (HLF), the rising cost of living, having sufficient funds for retirement and daily expenses are the top three financial challenges faced by Singaporeans today.

Nearly 1,100 Singaporeans over 18 years old were sampled in HLF Consumer Financial Survey 2023, based on nationally representative quotas by age, gender and race. Through the survey, respondents provided insights across their financial challenges, retirement planning, saving habits, and preferences in a savings account.

Key findings from HLF Consumer Financial Survey 2023:

• Rising cost of living is voted the top of financial challenges (66%), followed by saving enough for retirement or future financial goals (53%), and managing daily expenses and budgeting effectively (37%).
• The top three sources of retirement funds are personal savings (73%), followed by CPF Life (65%), and non-property investments (36%).
• In general, almost half of the respondents (49%) indicated they are only able to save 10% or less of their disposable income.
• Nearly a quarter of the respondents (23%) expressed that they are likely to open a savings account within the next 12 months.
• A high interest rate is the topmost important feature preferred in a savings account. Channels for easy fund access via online or mobile banking and ATM or branch also feature with high priority.
• Interestingly, unlike other age groups, respondents in the 25 to 34 age range place higher priority (48%) on straightforward interest rates without specific conditions over channels for easy fund access.

Mr Ang Tang Chor, President of Hong Leong Finance said, “The HLF Consumer Financial Survey 2023 provides valuable insights into the financial challenges faced by Singaporeans today. Coping with the rising cost of living is hard. Almost half of the respondents have only been able to save 10% or less of their disposable income. Yet, personal savings is the key source of retirement funds for all. To address these concerns, we have designed HLF Premium SAVER, a savings account with high daily interest rates, no fall-below fee and other benefits that are important to consumers, to help them manage the rising cost of living in an inflationary environment and support them in saving for their retirement. What’s more, the account is simple to operate with no strings attached, making savings easy for everyone.”

More information on the HLF Consumer Financial Survey 2023 can be found at: https://glutenfreepleasure.com/__proxy_domain/www.hlf.com.sg/downloads/consumer_financial_survey.pdf