Thought we are financial hub, this shows S'pore is faggot-no-money-invest-in-property-buy-big-car hub
Published December 25, 2008
Concerns rise over job security, savings
Citibank survey finds S'poreans can do more to improve their financial health
By TEH SHI NING
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SINGAPORE residents are increasingly concerned about their job security and their ability to save, a recent survey by Citibank Singapore found.
Results of the Citi Fin-Q (Financial IQ) Survey 2008, which polled 400 respondents online in mid-October, also indicated that Singapore's residents, whose average Fin-Q score was 54.6 out of a possible 100, can do much to improve their financial health.
Independent global research firm CXC Research was commissioned by Citi to conduct the survey, now in its second year, in countries across Asia-Pacific.
The Fin-Q score is derived from an assessment of a respondent's approach towards issues such as budgeting, savings, credit card payments and the status of their insurance and retirement savings.
Findings on Singaporeans' financial health which were highlighted included the fact that only one-third make and stick to a monthly budget and 43 per cent set aside money for savings each time they are paid.
The proportion of people who had a formal retirement plan (26 per cent), and that of those who had an up-to-date will (14 per cent) both fell 3 per cent from 2007's findings.
Salman Haider, managing director and head of wealth management at Citibank Singapore, said: 'The findings clearly show that Singapore residents need to improve their financial health, especially in areas such as saving for emergencies or in the event of an unforeseen job loss.'
This is especially pertinent in view of the challenges of the current economic environment, which were also reflected in the responses of those polled.
Thirty-five per cent of Singapore residents are now concerned about job security, up 4 per cent from last year.
Published December 25, 2008
Concerns rise over job security, savings
Citibank survey finds S'poreans can do more to improve their financial health
By TEH SHI NING
Email this article
Print article
Feedback
SINGAPORE residents are increasingly concerned about their job security and their ability to save, a recent survey by Citibank Singapore found.
Results of the Citi Fin-Q (Financial IQ) Survey 2008, which polled 400 respondents online in mid-October, also indicated that Singapore's residents, whose average Fin-Q score was 54.6 out of a possible 100, can do much to improve their financial health.
Independent global research firm CXC Research was commissioned by Citi to conduct the survey, now in its second year, in countries across Asia-Pacific.
The Fin-Q score is derived from an assessment of a respondent's approach towards issues such as budgeting, savings, credit card payments and the status of their insurance and retirement savings.
Findings on Singaporeans' financial health which were highlighted included the fact that only one-third make and stick to a monthly budget and 43 per cent set aside money for savings each time they are paid.
The proportion of people who had a formal retirement plan (26 per cent), and that of those who had an up-to-date will (14 per cent) both fell 3 per cent from 2007's findings.
Salman Haider, managing director and head of wealth management at Citibank Singapore, said: 'The findings clearly show that Singapore residents need to improve their financial health, especially in areas such as saving for emergencies or in the event of an unforeseen job loss.'
This is especially pertinent in view of the challenges of the current economic environment, which were also reflected in the responses of those polled.
Thirty-five per cent of Singapore residents are now concerned about job security, up 4 per cent from last year.
