Cost of Living Relief Tops Singaporeans’ Budget 2024 Wish List: AsiaOne Survey

SINGAPORE — As the cost of living rises, many in Singapore are feeling the financial strain. An AsiaOne survey revealed that 22% of respondents wish for government assistance in Budget 2024 to help offset these challenges. Administrative worker Loh, for example, shared that dining out has become nearly 50% more expensive than it was three to four years ago, with a meal now often costing up to $40.

Loh isn’t alone; Yap, a Singaporean who bought a flat in 2021, reports her mortgage and grocery expenses have also surged, primarily due to rising interest rates. The survey included 1,218 respondents, who highlighted job security, affordable housing, and healthcare assistance as other priorities. Younger respondents emphasized housing affordability, while older participants were more focused on healthcare.

Around 80% of those concerned cited food costs as their top worry, followed by healthcare and transportation expenses. Additionally, some respondents mentioned delaying retirement as they contend with rising costs. Yap suggested the government address broader issues like healthcare and education, while Loh emphasized the importance of government support for the cost of living.

Overall, the AsiaOne survey points to the need for financial relief amid the persistent inflation affecting daily necessities, as respondents seek not only short-term support but long-term solutions for Singapore’s economic landscape.