We surveyed 1,000 working adults in Singapore to find out how COVID-19 is impacting their financial health.

OVERVIEW

Throughout history, crises have come and gone, but the impact of the financial decisions one makes in troubled times goes beyond those few years. Through this survey, we were able to identify gaps in the financial knowledge of Singaporeans and provide timely tips on how to move ahead. It is part of our brand promise – to be Simply Spot On.

KEY FINDINGS

Investments

40%

of those who have investments intend to reduce their investments

54%

of those who have investments are worried about their portfolio

Lessons from the Global Financial Crisis | Don’t put all your eggs in one basket

All her investments went into shares of just one company. Then, the Global Financial Crisis struck. Find out what changes Premier Private Client Desk Head Joanne Ng made to her investment portfolio after that scare, and get some tips on how to invest in a crisis from Executive Director of Investment Strategy Vasu Menon.

Lessons from the Global Financial Crisis | Invest and stay invested

Jessica Goh, Vice President, Investments had to leave her job during the Global Financial Crisis, and finding a new one was not easy. But she continued to invest in unit trusts and life insurance plans. Hear her story and get some tips from Executive Director of Investment Strategy Vasu Menon.

Savings

55%

reduced their savings

30%

have enough savings to sustain themselves for more than 6 months if they were to lose their job now

Retirement

27%

with financial retirement plans have stopped setting aside or reduced funds for retirement

32%

of the sandwich generation have stopped setting aside or reduced funds for retirement

Lessons from SARS | Keep building your nest egg

His pay was cut by 30% and some of his colleagues were retrenched during SARS. After that, our Head of Investments, Na Kok Peng, resolved to be more prepared and to never stop his retirement plan -not even during a crisis. Hear his story, and learn more about retirement planning from our Head of Wealth Management Tan Siew Lee.

Insurance

41%

are worried if they have enough insurance coverage

Lessons from SARS | Protecting your family

With her parents out of work due to SARS, Caroline Lee, Vice President, Personal Banking Segment was the sole breadwinner for her family from the moment she graduated. But that reliance made her worry: what if something bad happened to her? Hear her story, and learn more about how to protect your family from Executive Director of Investment Strategy Vasu Menon.

Future-proofing

During this challenging time, many Singaporeans are taking steps to future-proof themselves.

attended more online courses than before

of those in their twenties attended more online courses than before

intend to take a second job

Lessons from SARS | Starting a career in a pandemic

Fresh out of university and with dreams of being a journalist, Kelvin Goh, our Head of Wealth Advisory, sent out 1,000 resumes – but still, no luck. Find out how he responded and get advice from our Head of Resourcing Centre, Anne Leong.