Singapore Women Financial Fitness Report
Introducion
Investing is not only the domain for men – but also for women. However, modern women are not confident that they make good investors or are able to make good investment decisions. To find out why women lack confidence in investing and to better understand the financial goals of the modern Singapore woman, Moomoo Financial Singapore Pte Ltd (moomoo SG) has recently conducted a comprehensive survey of 2,655 women. The report presents the findings of a nationwide survey. All respondents are 21 years and older, have a median annual income of SGD 60,000 and are employed.Based on our findings, Singapore women are making gradual improvemnts to secure their financial future. 72% of respondents say that they know how much contingency funds they need, come what may. However, 2 in 5 Singapore women still feel less financially secure compared to men and 41.7% are not confident that they can meet their retirement goals. The results also highlight investing behaviours, including choice of asset purchase, need for technical and fundamental investing knowledge and reasons for investing. Although 86.4% allocate between 10 and 30 percent of their monthly salaries to investing, 80.75% do not think that they are prepared for life after retirement.This special survey on Singapore women’s financial fitness is moomoo SG’s first and is done in conjunction with International Women’s Day. We hope that the modern Singapore woman will embrace equity markets more, for the world of investment is, as the popular Shakespearean quote aptly says, one's oyster.
2 in 5 Singapore women feel financially insecure
Key Findings: 72.3% say they know how much emergency funds they require in the event of a reduction or loss in income. But 42.3% don't feel financially secured, and 40.2% are not mentally and or financially prepared to face a loss or reduction in income. Cost of living and not having enough funds are among the list of concerns for Singapore women investors when meeting their retirement goals. For 27.1% of Singapore women investors, living financially secure lives remains top of mind, followed by 22.5% citing that the ability to look after oneself in their golden years is important, and accumulate more savings.
01. verview of retirement confidence
1 in 2 plan to retire before 60
When asked what are their top most concerns about meeting their retirement goals:
02. Overview of financial wellness
Our respondents also shared the types of loans they presently have service on:
Months of emergency savings:
Ultimately, 53.4% of Singapore women surveyed wish to lead financially-free lives and retire before 60. 14.3% think about retirement after 70 or later, which highlights the concern of inflation and an increasing cost of living.
03. Saving & investing are keys to strengthening financial prepareness
When asked how much they save from their monthly income, 63.9% say they save between 10% and 30% of their salary.
Over 85% channel up to 30% of monthly income to investments.
What Singapore women investors buy:
04. Singapore women are taking stpes to becoming savvier investors than before
Women's thoughts about investing:
For those who have yet to start investing, 41.7% cited the need for additional income is key to kickstarting their journey to financial fitness.
Women look for investing advice from the following sources:
05. Frequency of Investing
Number of times women traded in a quarter:
Asset classes women invested in:
Singapore Women Financial Fitness Report
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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