Although the survey does not necessarily focus on wealthy individuals, the findings are suggestive of a general mix of financial literacy in the Asian city-state's adult population.

A survey of 2,000 Singaporean adults finds that barely more than a third (34 per cent) rated their financial literacy as “good” and only 15 per cent said it was “excellent,” suggesting that their understanding of money and investment needs to improve.

The survey, from MDRT, an association of financial professionals, showed that almost a quarter (23 per cent) of Singaporeans agree that taking out a loan with a 10 per cent interest rate to open a stock market account is feasible. This risk appetite is particularly marked among Gen Z (29 per cent) and Millennials (31 per cent), who showed a higher propensity to take such loans, than Gen X (16 per cent) and Baby Boomers (7 per cent).

While not necessarily drawn from the ranks of high net worth and ultra-HNW individuals, the responses suggest that financial literacy needs to be taken up a gear.

“I find it extremely concerning that younger people are willing to invest with borrowed money at high interest rates. This could be due to early exposure to diverse information platforms, which can sometimes contribute to the spread of misinformation, biased perspectives, and overly optimistic expectations regarding certain investments,” Jake Lim, AEPP, an eight-year MDRT member, said. “This underscores the critical need to educate Singaporeans, not just about the financial tools available, but more importantly, the risks.”

When it comes to financial planning, Singaporeans report a strong awareness of the tools available, including various types of savings accounts, investment options, and Central Provident Fund schemes. This can be attributed to the wide range of information sources available, with online platforms (48 per cent), social media (38 per cent), friends (31 per cent), and news outlets (27 per cent) being the most popular ways to learn about personal finance.

Despite the popularity of online sources and social media, Singaporeans still place more trust in getting financial information from family (62 per cent), schools (60 per cent), newspapers (54 per cent), and financial advisors (53 per cent). This suggests that while digital channels help to provide financial information, personal relationships and professional expertise remain highly influential in financial decision-making.

Most Singaporeans (81 per cent) still rely on traditional basic savings accounts for financial security, instead of other saving methods such as fixed deposit accounts (49 per cent), high-yield savings accounts (42 per cent), short-term bonds (33 per cent), or endowment plans (29 per cent).