Inflationary pressures and angst about the state of the global economy are weighing on minds in Asia, and in the city-state of Singapore. HNW and affluent individuals are among those feeling less robust financially.

A survey by Sun Life Singapore, part of Sun Life, of how “resilient” citizens are financially showed that rising living costs are making households more vulnerable. 

This week, the firm issued its latest Financial Resilience Index. The share of highly resilient households in Singapore fell from 34 per cent in 2025 to 21 per cent this year. Low resilience households more than doubled to 20 per cent from 9 per cent. 

Perhaps, alarmingly, only 11 per cent of respondents say they feel very financially secure, down from 22 per cent in 2025.

The findings came from research surveying more than 6,000 respondents across Hong Kong, Indonesia, Malaysia, the Philippines, Singapore, and Vietnam.

Among HNW respondents in Singapore, defined as those from households with annual income of S$250,000 ($194,222) and above, 76 per cent say that inflation has made it harder to cover monthly expenses, while 59 per cent expect moderate or significant lifestyle adjustments if living costs continue to rise. While HNW respondents report stronger financial confidence than the broader population, with 67 per cent saying they feel financially secure, the findings show that higher income does not fully insulate households from rising cost pressures.

“While affluent consumers may be better positioned to withstand financial shocks, resilience is not guaranteed by income alone. As short-term cost pressures grow, it is increasingly important for individuals to build stronger savings, protection and wealth planning strategies,” Christopher Albrecht, CEO, Sun Life Singapore, said.