Inflation was the dominant risk causing concern to Singaporeans in 2023, reflecting the growing economic apprehensions within the nation. More than 80% of Singaporeans were worried about the general increase of prices of goods and services, significantly higher than other prominent issues such as major health concerns (cancer, heart disease and diabetes) and climate change. This was according to a study by IPUR.
Surveying over 2,000 Singapore residents as part of the institute’s inaugural Risk Barometer initiative, the study asked people about their concerns on a set of everyday risks ranging from economic and financial risks to health and environmental risks. The survey was conducted in October and November 2023, and with a diverse sample of Singaporeans based on age, gender, education and income. The risks were selected through an analysis of coverage in all national online English news media that were associated with or published by Singapore-adjacent publications.
Further analysis of the survey results revealed that the concerns of Singaporeans match their actual experience. About 60% said they had experienced harm from inflation in the last 12 months. In comparison, 48% and 42% of people experienced harm from heat and climate change respectively.
The public’s outlook for 2024 is pessimistic. Four-fifths of Singaporeans think they will experience harm from inflation in the next 12 months. This concern is most prevalent among those aged 50 and above, who may be planning for retirement but worried that their savings are losing value.
Professor Leonard Lee, IPUR Director, said: “The Singapore Risk Barometer represents IPUR’s effort to gain deeper insight into what people feel are the greatest concerns in their daily lives. By spotlighting the needs, expectations and demands of society, we hope to provide valuable insights to the government, industries and the media regarding the public’s perceptions of these issues and their expectations about whether sufficient actions have been taken.”
With COE prices predicted to increase, the planned GST hike as well as rising living costs, another aspect of the survey was to understand who Singaporeans felt held the most responsibility in taking action to mitigate risks. To this end, 84% of Singaporeans viewed the government to be responsible for managing inflation risk. Almost half the respondents (48%) felt that the government was not taking enough action to mitigate this risk.
Alongside the government, Singaporeans said private companies (71%) and the media (62%) also have a part to play in mitigating the impact of inflation.
Other key findings from the Barometer study:
- Singaporeans perceived heat as the second most prominent risk behind inflation, with about 70% saying it was a cause for concern and worry and 48% said they had suffered harm from it over the last 12 months.
- Investment and scams (69%) was another major source of worry for Singaporeans in 2023.
- Concern over health issues was lower than that for economic, financial and environmental risks. Cancer, heart disease, stroke, diabetes and dementia were a concern for only around 6 in 10 respondents. This correlated with the low proportion of respondents – fewer than 1 in 10 – who said they had suffered from these health problems in the last year.
- Respondents expected heat and climate change to be significant risks in 2024 as well. 66% and 64% thought they would experience harm from heat and climate change respectively in the coming year.
- Floods and wildfires were ranked below all other risks in terms of concern for Singaporeans in 2023.
