S'poreans find wealth does not equate to financial resilience: Survey

Lower-income respondents (60%) better at covering short-term financial obligations than high-income counterparts (52%).

Singaporeans believe that being wealthy does not equate to having solid financial resilience. High-income Singaporeans are almost as likely to exceed their monthly budgets as lower-income respondents (19% versus 22%). The survey also found that lower-income respondents score better (60%) than those in the high-income category (52%) in being able to cover short-term financial obligations while saving for long-term goals. 

Sun Life’s inaugural survey  "Asia Financial Resilience Index," also found that millennials are the most financially resilient generation in Singapore, with higher confidence in meeting long-term goals (75% vs 68%) and managing month-to-month finances (71% vs 67%) compared to older age groups. 

Despite this, only 44% of millennials have a financial plan beyond one year.

Across Asia, confidence exceeds preparedness for long-term financial goals. In Singapore, 70% are confident, yet only 44% have a plan beyond a year.

Trust and emotion play significant roles in financial decisions for 42% of Singaporeans. Financial institutions are the most trusted, followed by friends and family. 

Whilst social media is a common source of advice (37%), only 10% trust it. Despite a desire for more financial education (39%), only 22% seek professional help.

The Sun Life Asia Financial Resilience Index surveyed 8,000 people across eight markets, measuring resilience against confidence, behaviour, planning, tools, and resources.

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The region’s perspective

Asia Pacific millennials emerge as the most resilient, with 75% optimistic about their future and 70% confident in meeting long-term goals. However, only 42% have a financial plan beyond a year. A rural-urban divide exists, with urban dwellers feeling more financially secure (58%) compared to rural counterparts (51%).

Despite high confidence and optimism in Asia Pacific, many also lack a long-term financial plan. Confidence exceeds preparedness for long-term goals; 69% feel confident, but only 40% have a plan beyond a year. 

Emotion and trust influence financial decisions; 46% consider them significant. Financial institutions are the most trusted, followed by family, friends, and independent advisors. Only 23% seek professional financial advice.

Wealth doesn't guarantee resilience; even wealthy respondents lack preparedness. Both lower and high-income earners often exceed monthly budgets (21%). Only 45% of high-income individuals plan beyond a year. Broom stresses that financial resilience requires action, offering free digital tools and holistic advice.