, Singapore

How do adults plan to improve their financial standing

Nearly seven in 10 will cut inessential expenses, such as dining out.

Still pessimistic about their future financial situation, 68% of adults in the Lion City opted to reduce unimportant spending such as dining out to combat high costs of living.

According to a recent survey by market research firm, YouGov, amongst the other top picks are changing food shopping habits with 53%, less travelling with 39%, and cutting domestic energy use with 36%.

READ MORE: Singapore up two ranks to become 12th most expensive location globally

One in three adults said they will use their existing savings or save less, whilst one in seven will look for other jobs or work overtime.

This is on the back of 51% of adults seeing the cost of living to increase a lot, 32% said it will increase a little, 12% said it will stay the same, 2% said it will decrease a little, 1% said it will decrease by a lot whilst 2% are still unsure.

YouGov’s survey conducted the poll from 20 May to 5 June 2022 to understand the views of Singaporeans on the high inflation rate, which as of May 2022 posted a 14-year high of 3.6%.

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