OCBC Financial Wellness Index 2021 Key Takeaways

The COVID-19 pandemic and its resulting economic uncertainties has spurred Singaporeans to pay more attention to financial matters.

The overall Index score improved to 62, up from 61 in 2020, when the world first started to grapple with massive changes resulting from the unprecedented pandemic and the resulting economic slump.

OCBC Fnancial wellness Index 2021 Score
OCBC Fnancial wellness Index 2021 Score
Undesirable habits

Fewer are committing undesirable habits compared to the previous year:

Undesirable fnancial habits 2021 index
Undesirable fnancial habits 2021 index
Good Financial Habits

More Singaporeans are persisting with good financial habits:

Good financial habits 2021 index -1
Good financial habits 2021 index -1
Good financial habits 2021 index - 2
Good financial habits 2021 index - 2
DIGITAL FINANCIAL TOOLS

Singaporeans who use digital financial tools achieve better Index scores:

Digital finance tools 2021 index - 1
Digital finance tools 2021 index - 1
Digital finance tools 2021 index - 2
Digital finance tools 2021 index - 2
Digital finance tools 2021 index - 3
Digital finance tools 2021 index - 3

Singaporeans who are digitally savvy are also more invested across all investment product types, including international stocks, REITs, ETFs, cryptocurrencies, bonds and structured deposits, than those who are less digitally savvy.

Millennials and investing

Younger millennials are investing, and in a wider range of investments:

millenials and investing 2021 index -1
millenials and investing 2021 index -1
millenials and investing 2021 index - 2
millenials and investing 2021 index - 2
millenials and investing 2021 index - 3
millenials and investing 2021 index - 3

More millennials are now investing via robo-advisory platforms, with 21% of millennials leveraging robo-advisory platforms to invest and grow their funds versus 15% of Singaporeans.

Women and wealth

More women are growing wealth for their own sake:

Women and wealth 2021 index -1
Women and wealth 2021 index -1
Women and wealth 2021 index - 2
Women and wealth 2021 index - 2
Planning for retirement

Singaporeans are scoring better in retirement, and more are choosing simpler lifestyles for when they retire:

Retirement planning 2021 index - 1
Retirement planning 2021 index - 1
Retirement planning 2021 index - 2
Retirement planning 2021 index - 2

Out of three retirement lifestyles that they could pick based on broad considerations on dining out, travel, car ownership, home ownership and so on, more Singaporeans (40% vs 36%) picked the most modest lifestyle compared to 2020.

However, many Singaporeans (81% vs 78% in 2020) are still underestimating the amount needed for their chosen retirement lifestyle by 31% (32% in 2020).

  • Retirement Lifestyle A
  • Retirement Lifestyle B
  • Retirement Lifestyle C
S$2,300

Retirement Lifestyle A

 S$2,900

Retirement Lifestyle B

 S$5,200

Retirement Lifestyle C
  • Eats at home, food courts & hawker centres
  • Owns & lives in a HDB property
  • Commutes via public mass transport
  • Medical consultation/ treatment at polyclinics and government hospitals
  • No domestic helper
  • Regional holidays 2 times a year e.g. Thailand, Hong Kong
  • Eats at food courts, hawker centres & mid-range restaurants
  • Owns & lives in a HDB property
  • Commutes via taxi or owns a mid-range car
  • Medical consultation/ treatment at General
  • Practitioner and government hospitals
  • Employs part-time domestic helper
  • Regional holidays 3 times a year e.g. Thailand, Hong Kong, Korea
  • Eats at mid-range & fine-dining restaurants
  • Owns and lives in private property
  • Owns a high-end car
  • Medical consultation / treatment at General Practitioners and private hospitals
  • Employs a full-time domestic helper
  • International holidays 2 times a year e.g. Europe, America
  • Enjoys lifestyle & wellness experiences

Read the OCBC Financial Index 2021 media release.

Discover how your peers are faring.

I am

currently

0 years old

29 and below
50 and above