Majority of the residents in Singapore are bullish about the economy
Author: CSEBA / SEEbiz / CNBC
11th April 2024
NEW YORK - Majority of the residents in Singapore are bullish about where the economy is headed and confident that the government will be able to support them during their retirement.

That’s according to a poll by SurveyMonkey, carried out across nine countries in collaboration with CNBC.

Some 61% of adults in Singapore — one of the world’s most expensive cities to live in — feel like they are living paycheck to paycheck, according to SurveyMonkey’s 2024 “Your Money International Financial Security” survey.

Yet 79% say they are optimistic about where the economy is headed.

The results in Singapore buck the global trend, where less than half the adults polled are positive about where their economy is going. People in Singapore (79%) and Mexico (74%) are optimistic about their financial prospects.

However, majority of the adults polled in the other countries are far less bullish about their future: 49% in the U.S., 37% in the U.K., 36% in Australia and 34% in Germany expressed the same optimism.

The survey gathered results from over 4,300 adults living across Australia, France, Germany, Mexico, Singapore, Spain, Switzerland, the United Kingdom and the United States between March 8 and 25. The results provide a picture of the financial sentiment of adults globally.

From the onslaught of mass layoffs to global inflation, many people around the world are pessimistic about the economy and feel anxious about how it affects their finances.

That’s despite predictions by the International Monetary Fund that the global economy is approaching a “soft landing” and that inflation is slowly moderating.

Yet SurveyMonkey’s poll found that majority of adults across the nine countries surveyed are grappling with financial stress, and inflation is their no.1 source of concern.

Adults in Mexico, Spain and the U.S. were the most stressed out about money, and more than seven in 10 say they are “very or somewhat stressed” about their personal finances. On the other hand, about 49% in Singapore and 48% in France report the same level of stress.

Here’s the percentage of people who report to be financially stressed in each country surveyed:

Mexico: 73%
Spain: 72%
United States: 70% (tie)
Australia: 70% (tie)
United Kingdom: 63%
Germany: 57%
Switzerland: 55%
Singapore: 49%
France: 48%

“Most experts agree that pandemic supply chain issues have largely been resolved,” SurveyMonkey CEO Eric Johnson said in a CNBC report. Additionally, “although experts continue to keep an eye on global unemployment, joblessness has dropped below pre-pandemic levels.”

So why are people still pessimistic about the future?

“Vibecession” is a global trend that has emerged in the past two years, where the average consumer sentiment about the economy rings negative, even though financial data shows the economy is doing just fine.

Put simply, it’s like a recession — but based on vibes and perception, not fact.

Notably, Singapore is the only country where the majority of its residents feel they are financially better off than their parents when they were at the same age. The majority of respondents in the other eight countries reported feeling like they are “worse off” or “about the same” in the same category.

Strategies for achieving a sense of financial stability vary across countries.

In terms of personal income, only 12% of those surveyed in Singapore say they need to make 50,000 Singapore dollars (about $37,110) a year to feel “financially secure.”

Of the respondents, 31% said they need to make at least SG$100,000 annually to feel financially secure, 30% said a minimum of SG$500,000, and 22% said at least SG$1 million. Only 4% say they will “never feel financially secure,” according to the survey.

Those in Singapore are also bullish on investments. More than half (51%) of survey respondents in the city-state say they rely on investment income for financial security.

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