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March 13, 2024

Financial Resilience Index Singapore

Aligned with our corporate purpose of helping our clients achieve lifetime financial security and live healthier lives, we are pleased to share our inaugural Sun Life Asia Financial Resilience Index. Singapore is one of the eight key Asian markets covered by this Index, which measures household financial resilience across five pillars: literacy and confidence, behaviour, planning, tools, and resources. In October 2023, a survey of 8,000 consumers was conducted in Singapore, mainland China, Hong Kong SAR, India, Indonesia, Malaysia, Vietnam and the Philippines, with respondents drawn from different wealth levels, generations, and both rural and urban settings. 

This report seeks to understand financial resilience in Asia. Through a survey, we investigated the factors and behaviours that contribute to financial resilience, including financial literacy, planning and budgeting, and access to advice and services. So we will be in a better position to create workable strategies and solutions for our clients*. 

*Sun Life Assurance Company of Canada Singapore Branch is a Direct Insurer (Life), licensed and regulated by the Monetary Authority of Singapore (“MAS”), serving a defined market segment.

Key findings are:

1. Optimism is high, but achieving financial goals requires a plan

A long-term approach to financial planning is critical for building resilience. However, our survey shows a gap when it comes to Singaporeans’ optimism about their finances versus their long-term preparedness.

2. Even wealthy Singaporeans have gaps in financial resilience

Good discipline in money management goes hand in hand with improved financial resilience at all wealth levels. Our survey shows that even among the wealthiest respondents, many people in Singapore lack preparedness and underestimate their expenditure levels or the benefits of building a long-term financial plan.

3. Millennials – Singapore’ most financially resilient generation

Millennials in Singapore appear to be in the sweet spot in life, with enough investable assets, less familial obligations than older groups, and just the right amount of adventure and knowledge to build toward their financial future.

4. Financial behaviour is often guided by emotion, while desire for education is strong

The survey found that perceptions of trust and emotion play a large part in financial behaviour, with 42% of respondents saying it influenced their financial decisions. Financial education was identified as a key desire by 39% of respondents, underlining the need for better access and professional help in financial management.

How financially resilient are people in Singapore?

To understand how Singapore measures up in terms of financial resilience, we also need to compare it with other markets in the region. Overall, Singapore shows higher levels of resilience in financial planning, tools and resources than the other Asia markets surveyed. The Sun Life Asia Financial Resilience Index demonstrates that in Singapore, confidence and behaviour are key to achieving greater resilience. With a clearer understanding of financial resilience and the means to realise it, Singaporeans could secure a prosperous future for themselves and contribute to a reinvigorated national economy.

Related documents

Download report (English)

Disclaimer: This report is for general information purposes only and does not constitute advice of any kind. While care has been taken in gathering the data and preparing this report, Sun Life does not make any representations or warranties as to its accuracy or completeness and expressly excludes to the maximum extent permitted by law all those that might otherwise be implied. The views expressed in this report are Sun Life’s own. Sun Life accepts no responsibility, and shall not be liable, for any loss suffered by any person as a result of him/her relying on the information provided in this report or for any loss suffered by any person acting or refraining from action as a result of any information, including but not limited to the statements, facts, figures or expressions of opinion or beliefs provided in this report.

Sun Life Assurance Company of Canada is an insurance company federally incorporated in Canada, with OSFI Institution Code F380 and its registered office at 1 York Street, Toronto, Ontario, Canada M5J 0B6. It is regulated by Office of the Superintendent of Financial Institutions, Canada. Sun Life Assurance Company of Canada Singapore Branch (UEN T19FC0132B) is registered with the Accounting and Corporate Regulatory Authority of Singapore as a foreign company, with its registered office at 50 Raffles Place, #26-04 Singapore Land Tower, Singapore 048623. It is licensed and regulated by the Monetary Authority of Singapore. Where Sun Life Assurance Company of Canada Singapore Branch is referred to as “Sun Life Singapore”, this is strictly for marketing and branding purposes only, and no legal significance is expressed or implied. Sun Life Assurance Company of Canada is a member of the Sun Life group of companies. The Sun Life group of companies operates under the “Sun Life” name. Sun Life Financial Inc., the publicly traded holding company for the Sun Life group of companies, is not a product offering company and is not the guarantor of the obligations of its subsidiaries.

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