Six in 10 Singapore citizens and residents think that the government’s latest budget measures aren’t enough to help them cope with the rising cost of living, according to a survey.
Of the 1,002 respondents polled by Milieu Insight from Feb 17 - 19, 62% said the initiatives were insufficient. Those in the 35 - 44 age group felt most strongly that the measures announced last Friday didn’t go far enough.
On whether the steps made respondents “feel more reassured about managing costs of living,” only 35% agreed while 44% reported feeling neutral.
Singapore’s ruling party is giving handouts to ease angst over rising costs while navigating a path back to fiscal prudence. The spending plan announced by Finance Minister Lawrence Wong is expected to swing the government budget back to a surplus, after the widest deficit since the pandemic.
The $600 worth of vouchers that Singaporean households can use at groceries and hawker centres was by far considered to have the most significant impact by respondents to the Milieu poll.
The budget was more conservative than expected, as the Finance Ministry looks to minimize the risks of overheating the economy, said Kai Wei Ang, an economist at Bank of America.
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The budget address underlined “elevated concerns” about inflation and cost-of-living issues that are closely watched by the Monetary Authority of Singapore, the analyst said.
