70% of Singaporeans concerned about higher household expenses: Study

by Albert02

70% of Singaporeans concerned about higher household expenses: Study

70% of Singaporeans concerned about higher household expenses: Study. According to a recent UOB survey, more than 70% of Singaporeans are concerned about growing family expenses. This reflects an 11-point increase over last year due to increased prices and an uncertain economic outlook. Approximately 70% of Singaporeans expect the country to experience a recession over the next six months, a 7% increase from the previous year.

In June, UOB questioned nearly 3,500 consumers across five markets for the third edition of its annual study. Among them are over 1,000 Singaporeans of varied ages and socioeconomic backgrounds. According to the report, consumers’ top objectives include having enough money, planning ahead for retirement, and being able to purchase essential items for themselves and their family. According to Ms Jacquelyn Tan, UOB’s head of group personal financial services, consumer spending has returned to pre-pandemic levels as economies around the world reopen. This follows several years of continuously increasing savings as Covid-19 reduced travel.

“Expenditure will continue to climb in the fourth quarter due to the upcoming holiday and vacation season,” she told reporters on Wednesday. Consumers are now spending more, with the average ticket size of routine daily expenses growing from January to July, adjusted for inflation, as compared to the same period last year. The average taxi fare has increased by 114%. Utility expenses increased by 22%, while fuel costs increased by 15% and food expenditures increased by 10%.

Singaporeans, on the other hand, plan ahead of time by investing their money and insuring against unanticipated disasters. The average placement of UOB clients in fixed deposits – interest rates for these products have climbed across banks in recent months — increased by 37% in July and August compared to the first six months of 2022. Purchases of government assets such as Singapore Savings Bonds and Treasury bills increased by 462% during the same time period.

Meanwhile, insurance policy enrollment has increased by 20% this year compared to the same period last year.

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Source:
https://www.straitstimes.com/business/economy/70-of-singaporeans-concerned-about-higher-household-expenses-study



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