Nine out of 10 Singaporeans see investing as the best strategy to protect their wealth amid rising inflation, which topped the list of financial concerns, according to a survey by Moomoo, the one-stop digital investment platform.
The survey by Moomoo was conducted between 15 and 22 September, before the US Federal Reserve raised benchmark interest rates on 23 September by 0.75 of a percentage point and indicated that it would keep raising borrowing costs above current levels. In Singapore, core inflation was near a 14-year high due to rising food and service costs.
- Nearly 90% of respondents agreed that retaining the value and potential benefits of investing is possible.
- Respondents cited rising prices as their top concern (48%), versus higher interest rates (21.4%) and losing their jobs (17.7%), and increasing mortgage payments (12.9%).
- Investors cited lack of capital (31.9%), fear of losses (31.3%), and lack of knowledge (24.9%) as challenges to investing
- More than half (54.6%) of respondents cited the desire to live an easier and better life as the top goal of investing, followed by preparing for their retirement (34.7%), buying a better house (6%) and saving for their children’s education (4.6%).
- 36.5% of Singaporean investors believe financial health requires a holistic approach
According to the World Economic Forum’s Chief Economists Outlook survey, very high rates of inflation are a key contributor to a weak outlook for global growth, with most respondents (93%) saying they expect inflation to remain high in the US and Europe.
“Inflation is challenging because it erodes the value of wealth, but with a sound investment plan and financial literacy, Singaporeans can take control of their financial future,” said Gavin Chia, Managing Director of moomoo Singapore.
Moomoo Singapore will use its technology and innovation to improve investor access to knowledge and tools so that they can make sound investment decisions, he added.
To improve financial literacy among investors, Moomoo Singapore will hold a series of activities over the next month, working with partners including fund management companies, fitness centers, co-working spaces, and educational institutions.
Moomoo is a digital investment platform operated by Nasdaq-listed Futu Holdings Limited. Moomoo Singapore is the first online brokerage to receive all five memberships from the SGX Group for securities and derivatives markets.