As published on sbr.com.sg, Monday 6 July, 2020.
Increased comfort with digital services looks likely to remain beyond the pandemic, with 80% of Singaporeans agreeing they will continue to bank online even after the pandemic dies down, according to a survey by SingSaver.
The inevitable use of digital services during the pandemic has allowed Singaporeans the time to become more at ease with technology, with 70% of respondents having used online banking “frequently” since the start of the pandemic. Meanwhile, 65% stated they are “somewhat” or “very” comfortable using these digital tools.
Furthermore, 61% of Singapore’s older population aged 54 and above agree they are using online tools frequently. Sixty-nine percent of respondents in this age group say they are “somewhat” or “very” comfortable with online banking tools, which is the same percentage as those in the 35-44 age group, and slightly above than those in the 44-54 age group (67%).
On the other hand, 70% of respondents say they are also more likely to purchase groceries and other essentials online even after the pandemic dies down, whilst more than half of respondents (53%) aged 54 and above also agree with this.
Furthermore, 53% said they actively researched different methods and options to save money whilst stuck at home, as the circuit breaker period gave Singaporeans the push they may have needed to become more financially prudent and take charge of their finances.
WIth regard to financial planning behaviours, 33% of the respondents mentioned that they were committed to building and expanding their emergency fund. Meanwhile, another 33% of the respondents cited creating additional streams of income as a key action they took due to the pandemic.
In particular, there is a significant proportion of respondents aged 35 to 44 who are committed to both building emergency funds (35%) and creating additional income streams (37%).
In addition, 87% of respondents agree the pandemic has reoriented them to adopt a lower consumption and higher savings habit, whilst 89% want to be more prudent and intentional about their personal finance due to the pandemic.
SingSaver interim country manager Prashant Aggarwal notes that Singaporeans are clearly looking for different options to save money and improve their financial choices.
“The demand for digital has never been greater and there’s no better time for businesses to look inwards and accelerate their digital journeys,” he added.