ECONOMY | Staff Reporter, Singapore

Climbing cost of living is biggest concern among Singaporeans

They're also worrying about healthcare costs, ageing parents.

A majority of Singaporeans are anxious about the climbing cost of living, as over 8 in 10 (85%) agree this is a chief financial concern.

According to a study by AIA Singapore, over 6 in 10 (63%) Singaporeans are fretting over hiking healthcare costs as well, while over half (57%) are worried about the financial strain of caring for their ageing parents.

The study, which was commissioned by AIA Singapore and conducted in 1Q16, included a sample size of 524 Singaporeans aged 25 to 45 with annual incomes between $60,000 to $600,000.

The study also found that married couples don’t see eye-to-eye on how to manage finances, as almost 9 in 10 (87%) married individuals disagree with their spouse 50% or more of the time on this matter.

Moreover, the study found that men are more inclined to invest, while women had a tendency to save for their future. 

It also revealed that men hold back from investing on back of market volatilities, while women are more concerned about the risks involved.

Given this, both men and women (61% and 65% respectively) said they would be more inclined to invest if they had some form of guaranteed returns.

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