The cost of living in Singapore has been rising.
In fact, in Dec 2021, the headline (or overall) inflation rose to 4.0% year-on-year. Furthermore, GST is set to increase from 7.0% to 9.0% between 2022 and 2025.
Therefore, knowing how to manage your personal finances has never been more crucial. But, do you even know how to?
We set out to understand the financial literacy of Singaporeans and whether it has a positive impact on their financial standing.
We surveyed 1,183 adults aged 18 and above. Here’s what we found, along with other noteworthy statistics.