The good news from the results of the latest OCBC Financial Wellness Index, which came out on Tuesday (Nov 22), is that Singaporeans have more savings. The bad news is that they also have poorer investment returns, and higher debt stress and fewer are on track for the luxe retirement lifestyle they say they want.

The study says there has been a “net negative impact on Singaporeans’ financial wellness” this year, with a Financial Wellness Index score of 61. For comparison’s sake, in 2019 the score had been 63, and last year, it was 62. In 2020, the first year of the pandemic, Singaporeans also scored 61 on the Index, which measures 10 pillars of financial wellness, including saving habits, manageable debts, and retirement planning.

The results are based on responses from 2,182 working adults in Singapore who are between the ages of 21 and 65, with the survey carried out online last August. Here are some key takeaways from the study’s results:

While 91 per cent of the respondents say they save at least 10 per cent of their salaries, only 53 per cent have the equivalent of six months of salary to tide them over in case of a crisis. Forty-eight p...