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Living costs in Singapore

Rising living costs worry 85% of Singapore’s employees

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The increasing cost of living is the number one financial concern (85%) for working Singaporeans between the ages of 25 to 45 – a reason for HR leaders to pay more attention to their rewards strategies.

Close to two in three (63%) cited increasing healthcare costs as the second major financial worry, while the monetary strain of caring for ageing parents worried 57% of employees.

These financial priorities were uncovered in AIA Singapore’s new report, which also found that more than eight in 10 married couples (87%) disagree with their spouse half or more of the time on financial matters.

Perhaps one reason could be that the genders had opposite priorities on what to do with the money they make – the majority of women preferred to put money into savings, while the majority of men opt to channel money into investments.

When probed further, about one in five married individuals said holiday expenses, purchasing big ticket items such as a car, and allocation between savings and investments were the three decisions they typically argued about.

Currently, more than one-third of married employees say they make joint financial decisions all the time, while the 41% majority said most things are discussed on the table.

Detailed findings in the infographic:

AIA Singapore infographic

 

ALSO READ: How appreciating staff might actually kill their productivity

 Lead image: Shutterstock

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