Singaporeans fear the erosion of purchasing power by sky-high inflation more than losing their jobs, according to a survey by Moomoo, the next-generation digital investment platform.
Nine in 10 respondents in the survey, which polled 1,444 Singaporeans right before the US Federal Reserve raised interest rates in September, cited inflation as their topmost financial concern, ahead of higher borrowing costs and losing their jobs. Even though investing was seen as the best way to protect wealth, one in three (31%) cited the fear of investment losses while one in four (25%) pointed to a lack of knowledge as the key reason holding them back from taking the plunge.
High inflation has sent Singaporeans scrambling to protect their nest eggs, with reports of long lines at local banks to secure promotional rates for fixed deposits. Similarly, demand for Singapore Savings Bonds and short-term Singapore Government Securities has also increased, while a separate survey by Moomoo released late August showed a majority of Singaporeans investing in money market funds to hedge against rising inflation.
“Inflation is challenging because it erodes the value of wealth, but with financial literacy and a sound investment plan, Singaporeans can take control of their financial future,” said Gavin Chia, Managing Director of moomoo Singapore. “Moomoo Singapore will leverage its technology and innovation to help investors achieve their financial goals by improving their access to knowledge and tools to make sound investment decisions.”
To lower the barriers to investing, Moomoo Singapore will partner GRITYARD to hold a series of financial wellness talks to help investors of all knowledge levels navigate the investment landscape. The company will also organize “Fight Against Inflation” workshops at JustCo and WeWork co-working offices together with CSOP Asset Management and Fullerton Asset Management.
Moomoo Singapore is part of the Nasdaq-listed financial services group, Futu Holdings (Nasdaq: FUTU) and offers digital brokerage and investment services. In June 2022, moomoo Singapore became the first digital brokerage to receive all five memberships from the SGX Group for the securities and derivatives markets.
