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Affluent Singaporeans are saving more since the pandemic, a new study shows

In a poll conducted by Singsaver, 72 per cent of Singapore’s affluent – those earning more than S$125,000 annually – were shown to be saving more money since the pandemic. Fifty per cent also said they are investing more.

Affluent Singaporeans are saving more since the pandemic, a new study shows

The pandemic has had an effect on the financial habits of the affluent in Singapore. (Photo: Unsplash/Priscilla du Preez)

There’s no denying that COVID-19 has changed many aspects of our lives, one of which is how we manage our finances. Despite a global economic crisis, a survey conducted by finance website Singsaver found that one in three Singaporeans’ relationship with money has changed for the better since the pandemic.

Conducted across March 2021 and April 2021, the survey analysed 1,000 responses to better understand the changes in Singaporeans' relationship with money as compared to before the pandemic, and new financial habits they have adopted since.

When it comes to the affluent – those earning more than S$125,000 per year – 47 per cent described having a better relationship with money, Singsaver said. 

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They cited economic recession (55 per cent) and change in personal goals and aspirations (49 per cent) as factors that influenced their relationship with money.

Some new personal finance habits that this segment has adopted since the pandemic include tracking expenses on a regular basis (49 per cent), consuming personal finance blogs, articles and social media content on a regular basis (45 per cent) and comparing between products before purchase (45 per cent). 

When asked about their most significant financial habits that have changed since the pandemic, 72 per cent said that they are saving more, while 50 per cent have done more in terms of investing.

Seventy-four per cent of them invested more of their income as compared to before the pandemic, with 38 per cent investing an additional 11 to 20 per cent more of their income as compared to before the pandemic.

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Fifty-three per cent have started investing in bonds and stocks, while 44 per cent started investing in cryptocurrency. Thirty-nine per cent started investing in foreign currency exchange.

However, a better relationship with money doesn’t mean cutting back on expenses entirely. Sixty per cent of affluent Singaporeans indicated that they still purchased a big ticket item since the pandemic, ranging from property and furniture to luxury goods and tech products.

Specifically, the top three items that they purchased more of since the pandemic include tech products (39 per cent), furniture (21 per cent) and luxury goods (19 per cent).

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Source: CNA/st(ds)