According to the Endowus’ Wealth insights report, the increasing cost of goods and services is pushing Singaporeans to reassess their investing goals.
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Based on the report, eight in 10 Singaporeans cited inflation as their biggest financial concern. Meanwhile, six in 10 Singaporeans cited inflation as their main reason for investing more. One in three Singaporeans is also investing more for retirement.
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This sentiment is highest among millennials, with 36% exploring new investment products and platforms.
Other ways Singaporeans are dealing with the rising cost of goods include saving more money at 69% and exploring new passive income opportunities at 56%.
“Over half of Singaporeans with investing experience only invest when they feel ‘the time is right’, and this is especially so for new or inexperienced investors,” according to the report.
“As a result, Singaporeans may be setting themselves up to be exposed to greater risk and volatility by timing the market. Passive, evidence-based investing has been proven to help investors to get a return that compensates them for the risk that they take than active trading,” the report added.
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