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“You know the Singaporean. He is a hard-working, industrious, rugged individual. Or we would not have made the grade. But let us also recognise that he is a champion grumbler.” — this is how Lee Kuan Yew described his compatriots in the past.
We also know it to be true today since Singapore is among the wealthiest, most accomplished countries in the world. And yet it remains one where complaints are heard almost daily, prompting the government to enact additional financial support measures almost yearly.
However, according to a recently published annual Consumer Sentiment Study by UOB, despite this, often vocal, unease, Singaporeans are actually quite a happy and optimistic bunch, looking ahead to a prosperous 2025.
Concerns are real
Of course, some concerns are very real here. Even though negative sentiments abated slightly compared to 2023, about half of the society remains worried about rising living costs, long-term financial commitments and the overall impact they have on their current savings and future wealth.
To address these fears, some have resorted to limiting their spending on non-essential and essential items alike, trying to get a bigger bang for their buck:
The future is bright
However, despite adapting to less than favourable circumstances, most Singaporeans remain optimistic about the future and happy about their current situation, dispelling some myths about the alleged perpetual dissatisfaction in the city-state.
68 per cent, or a little over 2/3rd of the society, feel positive about the current economic environment in the country:
Meanwhile, close to 80 per cent express at least some positivity about their own situation, even despite the challenges most of them recognise. This surely doesn’t fit the image of your typical Singaporean grumbler:
Most importantly, however, they are expecting to be better off next year (or no worse than today), a percentage that increased further from an already high 70 to 78 points in 2024, reaching close to 90 among Zoomers (even though this group also reported the highest observed increase in expenses):
Better than it seems
All of this is quite reassuring news, given how the media headlines are dominated by negative stories, public anxiety about living expenses and reports of the government throwing more financial life jackets to keep at least those less well-off afloat until the situation improves.
In reality, as it turns out, Singaporeans may be concerned about the rising prices, but that doesn’t seem to dampen their spirits, and the vast majority consider themselves to be in a good situation financially and see themselves better off in the year ahead.
Prices may be creeping up (fortunately, much less now than last year), but life in Singapore is still good.
- Learn more about UOB’s Consumer Sentiment Study here.
- Read other articles we’ve written on Singapore’s current affairs here.
Featured Image Credit: Singapore Business Review
