With inflation soaring over recent months, Seedly and Milieu Insight have partnered up to publish the “Seedly x Milieu Insight: The Impact of Inflation on Singaporeans” report. This report is based on an online survey conducted by Southeast Asia consumer research company, Milieu Insight, which aimed to find out how Singaporeans have been impacted by the inflation and rising home prices, and their opinions of government measures to tackle these pressing issues,
The survey was conducted with N=1,000 Singaporeans aged 16 years old and above from 30 November 2022 to 5 December 2022. The results are broadly representative of the national population by age and gender (interlocking quotas), ethnicity and household income (non-interlocking quotas), and the margin of error is +/-3% at 95% confidence level.
Please refer to the report attached for further details, and you may download supporting charts here
Here are the key insights from the report:
- 8 in 10 Singaporeans said that their personal financial situations had been affected somewhat or to a large extent in the past 1 year due to inflation.
- The key areas impacted by inflation are: spending on necessities (71%), retirement plans (34%), and investments (26%).
- Singaporeans are taking more precautions with their investments, with 65% investing less actively and investing in lower risk investments (65%) compared to a year ago.
- 31% of Singaporeans are “very” or “somewhat satisfied” with the Singapore government’s measures to help Singaporeans cope with inflation. Meanwhile, 24% are dissatisfied, and 46% are neutral.
- 9 in 10 Singaporeans are “very” or “somewhat concerned” about rising home prices.
- Those aged 35-44 years old who intend to buy a house in the 5 years tend to be looking at private housing (34%) compared to other age groups. They also skew lower for intention to buy a BTO flat (32% versus 44% national average)
- Only 19% are “very” or “somewhat” satisfied with the Singapore government’s measures to keep housing affordable. Meanwhile, 41% are dissatisfied, and 41% are neutral
- In light of rising COE prices, 54% of car owners are very or somewhat likely to renew their COE once their current one expires, while 27% are unlikely to do so, and 20% are unsure
Commenting on the findings – Head of Seedly, Yeap Ming Feng
‘’Inflation has a higher impact on those with lower household incomes, and it is important for us to go back to the basics of personal finance to effectively tide through this difficult period of time. This includes getting sufficient insurance coverage and having a proper budgeting plan. We’ve also observed that our Seedly community members are generally shifting their mindset to park their spare cash on safer investment instruments such as Singapore Savings Bonds (SSB), treasury bills, short-term endowment plans and even their CPF account, to reduce the impact of inflation on the value of their savings.’’
About Milieu Insight
Milieu Insight is a consumer data and analytics company that connects businesses directly with their target audience. Milieu’s platform offers businesses a wide range of tools for accessing, analysing, and visualising high-value and timely consumer opinion data to help power better decision-making and strategy. For more information about Milieu Insight, visit: www.mili.eu
Launched in 2016, Seedly helps users make smarter financial decisions with its expense tracking app, which allows users to sync their financial accounts and better manage their cash flow. Seedly introduced a community feature which allows users to crowdsource knowledge from peers before making a financial decision, an unbiased reviews platform for a myriad of products ranging from travel insurance, Robo-advisors, open electricity market retailers and SIM-only mobile plans. Seedly also has a rewards platform where users can redeem vouchers from Grab, Sephora, and other partners for contributing to Seedly. For more information, visit seedly.sg