8 in 10 Singaporeans Affected by Inflation, Finds Seedly and Milieu Insight

expense tracking app Seedry consumer research company Milieu Insight has partnered to publish the “Seedly x Milieu Insight: The Impact of Inflation on Singaporeans” report. The report aims to shed light on how Singaporeans are being affected by inflation and rising house prices.

The “Seedly x Milieu Insight” report is based on an online survey conducted by. Milieu InsightThe survey was commissioned to understand how Singapore residents are affected by inflation and their views on government measures put in place to address this.

From 30 November to 5 December 2022, 1,000 Singaporeans aged 16 and over took part in the survey.

The report details that year-on-year headline inflation rose to 6.7%.of Monetary Authority of Singapore Core inflation is also at 5.1% y/y. As a result, the cost of living for Singapore residents is also rising.

Insights from the report include:

• Eight in 10 Singaporeans say their personal financial situation has been affected by inflation in the past year.
• Areas most affected by inflation: Spending on essentials (71%), retirement plans (34%) and investments (26%).
• 31% of Singaporeans are ‘very’ or ‘somewhat satisfied’ with the Singapore government’s handling of inflation. Overall, 24% were dissatisfied and 46% were neutral.
• Only 19% were ‘very’ or ‘somewhat’ satisfied with the Singapore government’s measures to keep housing affordable. About 41% are dissatisfied and 41% are neutral.

The report also details that Singaporeans are now paying more attention to their investments, with 65% less actively investing. The same he is 65% invested in less risky investments compared to a year ago.

Yep Min FengThe head of Seedly commented on the findings. Inflation hits people with lower household incomes the most. To navigate this difficult time effectively, it is important to get back to the basics of personal finance. It involves having a good budget plan.

Also, members of our Seedly community are generally encouraged to keep their spare cash in safer investment vehicles such as Singapore Savings Bonds (SSBs), Treasury bills, short-term fund plans, and even CPF accounts. We also observed a shift in mindset: the impact of inflation on the value of their savings.

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