Almost 9 in 10 Singaporeans, or 89.8%, agree that investing is one of the best ways to protect their wealth, according to a survey by Moomoo Financial Singapore, which is part of the NASDAQ-listed Futu Holdings.
The survey, which polled 1,444 Singaporeans from Sept 15 to 22, was done to gauge the impact of inflation on financial decisions.
The survey was conducted before the US Federal Reserve (US Fed) raised its benchmark interest rates by 75 basis points on Sept 22. It was also conducted before the Monetary Authority of Singapore (MAS) and the Ministry of Trade and Industry (MTI) revealed that Singapore’s core and headline inflation increased by 5.1% y-o-y and 7.5% y-o-y respectively in the month of August.
To combat the rising prices, 63.9% of the respondents said that they count on investing to fight against inflation. This was followed by cutting expenses (48.3%) and saving money (44.4%). Of those polled, 6.8% indicated that they will do nothing to stretch their dollar.
On investing, over half of respondents (54.6%) cited the desire to live an easier and better life as their top goal when it comes to investing. This is followed by preparing for their retirement (34.7%), buying a better house (6%) and saving for their children’s education (4.6%).
In the same survey, rising prices were ranked as the top concern by 48% of the Singaporeans polled, compared to higher interest rates, losing jobs and increasing mortgage payments at 21.4%, 17.7% and 12.9% respectively.
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Meanwhile, a lack of capital, fear of losses and lack of knowledge were the top challenges facing investors, at 31.9%, 31.3% and 24.9% respectively. Other challenges cited were the lack of time (8.4%) and waiting for the right time (3.5%).
Furthermore, 36.5% of Singapore investors believe that financial fitness requires a holistic approach.
“Inflation is challenging because it erodes the value of wealth, but with financial literacy and a sound investment plan, Singaporeans can take control of their financial future,” says Gavin Chia, managing director of Moomoo Singapore. “Moomoo Singapore will leverage its technology and innovation to help investors achieve their financial goals by improving their access to knowledge and tools to make sound investment decisions.”
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As part of its financial literacy outreach, Moomoo Singapore will be collaborating with partners including fund management companies, fitness gyms, co-working spaces, and education institutions to hold a series of activities over the next four weeks.
The financial platform will also partner with GRITYARD fitness studio to offer a series of financial wellness talks to help their members navigate the investment landscape. Plus, it will work with CSOP Asset Management and Fullerton Asset Management on a series of “Fight Against Inflation” workshops at JustCo and WeWork coworking offices.
