Summary
This report presents the Sun Life Asia Financial Resilience Index, which evaluates household financial resilience in Singapore across five key pillars: literacy and confidence, behavior, planning, tools, and resources. Conducted in October 2023, the survey involved 8,000 consumers from various demographics within Singapore and other Asian markets. The report aims to understand the factors that contribute to financial resilience, highlighting the importance of long-term financial planning and education. Key findings indicate that while optimism about finances is prevalent, there is a notable gap in long-term preparedness among Singaporeans. The report identifies millennials as the most financially resilient generation, emphasizing the influence of trust and emotion in financial decision-making. Additionally, it compares Singapore's financial resilience to other Asian markets, revealing higher levels of resilience in planning and resource utilization. The findings underscore the need for improved financial education and strategies to enhance financial stability across communities.
