Coping with rising cost of living in Singapore is the top (66%) financial challenge among Singaporeans, according to Hong Leong Finance’s S41 (HLF) Consumer Financial Survey 2023.
This is followed by saving enough for retirement or future financial goals (53%) as well as managing daily expenses and budgeting effectively (37%).
The study, which seeks to understand Singaporeans’ top financial concerns and savings gap surveyed over 1,068 respondents.
“Coping with the rising cost of living is hard. Almost half of the respondents are only able to save 10% or less of their disposable income. Yet, personal savings is the key source of retirement funds for all,” says Hong Leong Finance president Ang Tang Chor. Only 14% of those surveyed could save 40% or more of their disposable income.
Aside from personal savings (73%), the key source of retirement funds among Singaporeans include CPF Life (65%) and non-property investments (36%).
To this end, HLF has launched a Premium SAVER savings account, which allows customers to enjoy high interest rates without additional requirements such as minimum credit card spending.
See also: HSBC pulls back credit card business in China: Reuters
Customers can save up to $5 million in their HFL Premium SAVER account to enjoy up to 2.5% interest p.a., with interest calculated on a daily basis.
As at 4.50pm, shares in HLF are trading 1 cent lower or 0.4% down at $2.48.
