Cost of living tops concerns for half of Singapore residents

Government ratings fell across affordability, fairness, and job security.

Half of Singapore residents ranked the cost of living amongst their top two national and community issues, according to Blackbox Research’s latest SensingSG quarterly survey of 1,533 residents.

The pressure was most acute amongst those aged 40 to 49, at 64%. Only 25% rated the government’s performance on the cost of living as good or excellent.

Sentiment weakened in the third quarter after improving in the second quarter (Q2).

Fifty-one percent expected their household finances to improve over the next 12 months, down from 59%, whilst 21% expected to be worse off, up from 16%. Forty-six percent felt better off than a year ago, down from 51%.

Expectations for the wider economy also dipped, with 30% expecting it to worsen over the next 12 months, up from 23% in Q2.

Jobs and unemployment were amongst the top two concerns for 21% of respondents, up from 18%.

Latest labour data show slower resident employment growth, rising retrenchment, and fewer professional vacancies, although unemployment is low.

Concerns on jobs, affordability, and fairness weighed on the governance rating.

The Good Governance Meter, which aggregates public ratings of government performance across 26 community issues, fell to 69 points. Ratings declined in 20 of the 26 areas, including cost of living (42%), wealth gap (46%), and jobs and unemployment (56%).

Unpublished approval ratings tracked by Blackbox show approval fell for 17 out of 19 political and institutional leaders, with average approval dropping to 65.6% from 68.5%.

Confidence in Singapore’s overall direction remained strong at 82%, though down from 87%.

David Black, founder and CEO of Blackbox Research, said global disruptions have started to hit Singapore hard.

“People experience the economy through their bills. When everyday costs rise and the outlook at work feels less certain, positive national growth figures only offer so much reassurance,” he said.

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