Singaporeans who feel financially included slightly declined in latest index

The city-state is the top financially inclusive market.

Singapore topped a poll on the most financially inclusive economy but some of its consumers felt otherwise, the 2023 Global Financial Inclusion Index showed.

The city-state ranked first, followed by an economic rival, Hong Kong, and Switzerland ranked third.

"The city-state saw impressive double-digit advancements recorded in the indicators of ‘provision of guidance and support for financial issues’ (+16 places to sixth), ‘employee insurance schemes’ (+21 places to first), and ‘employer
pay initiatives’ (+24 places to fourth)," read the statement.

However, some Singaporean consumers may not feel the same way as the percentage of those who feel financially included edged down to 84% YoY in 2023. Its consumer sentiment rank also fell by three points from 6th in 2022 to 9th in 2023. Conversely, the city-state ranked behind China, Vietnam, and Hong Kong in consumer sentiment.

Thomas Cheong, head of the financial services and asset manager firm, Principal Asia, said financial inclusion in Singapore ties up with its financial hub status. 

"The advancements Singapore is making in its employer pillar suggest a steadfast commitment to workers from Singaporean businesses in the face of challenges posed by high inflation and a consequential impact on the cost of living," Cheong said.

For the consumer index, the poll was conducted with 502 household financial decision-makers from 4 May to 9 May 2023. Principal Asia partnered with Cebr, business insights and public interest research for the study.

The indicators for Singapore's rankings include government support, financial system support, and employer support.