KUALA LUMPUR — 40 per cent of people surveyed across Singapore, Hong Kong and Malaysia are not confident that they can manage their finances without additional financial assistance, following the end of Covid-19 financial support from governments and employers amidst rising inflation, according to new research from f
Principal surveyed 1,500 respondents across Singapore, Hong Kong and Malaysia. The survey found that macroeconomic headwinds have begun to impede people's ability to save for retirement and plan for their financial future.
Over a third of respondents say it is harder today to afford daily bills, such as mortgage, energy, insurance and fuel expenses, than it was two years ago. In the face of present-day financial challenges, 43 per cent said that saving for retirement is now more challenging while 40 per cent are struggling to set financial plans for old age and longer-term financial goals.
Meanwhile, around one in three respondents are dissatisfied with their current financial situation and feel materially worse in their financial position today compared to before the pandemic and the subsequent global rise in the cost of living.
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