Social pressures drive financial misreporting in Singapore

The highest misreporting rates are in the Philippines (47%) and Indonesia (45%).

Around 41% of people in Singapore misreport their finances, according to ROSHI, which links the figure to competitive pressures despite high incomes where “financial positioning” is seen as key to accessing premium resources.

Regionally, the study reported Vietnam leading in financial honesty at 66%, followed by Thailand at 64%.

The highest misreporting rates are in the Philippines (47%) and Indonesia (45%), which ROSHI associates with economic pressures and face-saving cultural norms.

“Young adults aged 21–34 show the highest misreporting rates across all markets,” the firm noted, a pattern the study attributed to social media pressure and career vulnerability.

ROSHI added that digital transformation amplifies financial deception through curated online personas and easier access to credit such as Buy Now, Pay Later and online lending.