More than 1 in 5 Singaporeans risk high-interest loans to invest despite low literacy

The risk appetite is highest amongst Gen Z (29%) and millennials (31%).

Nearly a quarter of Singaporeans are willing to take out high-interest loans to invest in the stock market, despite just half considering themselves financially literate, according to a survey by MDRT.

Only 49% of respondents rated their financial literacy as “good” (34%) or “excellent” (15%). Yet 23% said taking a 10% interest loan to invest is feasible—an attitude especially common amongst younger Singaporeans.

The risk appetite is highest among Gen Z (29%) and millennials (31%), compared to just 16% of Gen X and 7% of baby boomers.

The survey, which polled 2,000 Singaporean adults, also found that whilst awareness of financial tools is high, actual usage remains limited. Traditional savings accounts are still the go-to option for 81% of respondents, with lower adoption of more strategic products like fixed deposits (49%), high-yield savings accounts (42%), or endowment plans (29%).

Investment behavior shows a similar gap. Although 77% hold some type of investment account, more complex or diversified tools like long-term bonds (33%) and the Supplementary Retirement Scheme (31%) are less common.

Younger generations are far more likely to explore higher-risk investments such as cryptocurrencies and alternative assets like art and wine.

Insurance coverage also lags behind awareness. Whilst most Singaporeans know about basic insurance types, uptake is significantly lower—only 65% have hospitalization insurance, and less than 60% hold critical illness or life coverage.

Pet insurance remains especially underused, with just 14% uptake despite 81% awareness.

Notably, only 37% of Singaporeans work with financial advisors. Those who do tend to have more comprehensive insurance and diversified portfolios.

Financial professionals stress the importance of proper guidance, especially for younger adults navigating financial pressures from housing, family, and rising living costs.

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