, APAC
328 views
/Mathieu Stern from Unsplash

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.

ALSO READ: Sun Life names new chief client experience and marketing officer for Asia

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.

Follow the link for more news on

Join Insurance Asia community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!