Singapore is unquestionably a prosperous and fast-growing country, with a robust economy and a high standard of living.
The nation-state has also been named the world's most expensive city for the eighth time in a decade, and Singaporeans are feeling the pinch, with inflation causing increases in everything from consumer goods and public transportation fare hikes to healthcare costs.
The Global Women & Money Study 2023 found that 89 per cent of women in Singapore worry about the rising cost of living, while 80 per cent are concerned about their well-being in the future, and 75 per cent are anxious about their ability to save and invest. One primary cause of this may be the fact that many women shoulder a majority of caregiving responsibilities for children and elderly parents, which can take away time from their careers and impede their ability to save and or focus on learning how to invest for retirement.In the study we did, we found that less than a third of women here feel that investment is for them, compared to 43 per cent of men in Singapore.
We found from the survey that women in Singapore tend to focus on what they have more control over to help increase their income in retirement, such as reducing expenses, working for longer, and topping up savings.If women focus too much on the cost part of it, they will find it harder to achieve their financial goals as the cost of living goes up. Investing is hence a way to supplement their regular income and help grow their savings pot.
What is needed is more awareness and support to support women achieve a financially stable future and retirement. When it comes to investing for retirement and capturing growth and income opportunities, a long-term-oriented mindset is essential.
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