1 in 3 Singaporeans plan to invest more amidst rising inflation
Inflation is the biggest financial concern of Singaporeans.
The rising cost of goods and services is pushing Singaporeans to relook at their investing goals, according to Endowus’ Wealth insights report.
Based on the report, inflation is the biggest financial concern of more than eight in 10 (86%) Singaporeans.
Six in 10 Singaporeans also cited inflation as the main reason for investing more.
Given the rising cost of goods and services, one in three are looking to invest more to build a retirement nest egg.
This sentiment is highest amongst the millennial age group, where 36% are exploring new investment platforms or products.
Other methods which Singaporeans are doing to cope with inflation and rising costs include saving more money (69%) and exploring new passive income opportunities (56%).
Despite having a growing desire to invest, Endowus said Singaporeans are still prone to “timing the market.”
“Over half of Singaporeans with investing experience only invest when they feel ‘the time is right’, and this is especially so for new or inexperienced investors,” the report said.
“As a result, Singaporeans may be setting themselves up to be exposed to greater risk and volatility by timing the market. Passive, evidence-based investing has been proven to help investors to get a return that compensates them for the risk that they take than active trading,” Endowus added.
READ MORE: Core inflation to fall below 5.0% in remaining quarters