Eight in 10 Singaporeans will stick to online banking after the pandemic

Almost 70% of those aged 54 and above have grown comfortable to online banking.

Majority (80%) of Singaporeans will still bank online even after the pandemic dies down, including older people who have adapted more online services during the circuit breaker period, according to a SingSaver study.

Seven in 10 across the Lion City have used online banking “frequently” since the start of the pandemic, with 65% feeling somewhat comfortable using these tools. Interestingly, 69% of Singapore’s older population aged 54 and above revealed their comfort about using online banking, the same percentage as those in the 35-44 age group and slightly higher than those in the 44-55 age group (67%).

More than half (53%) of those surveyed said they have become more mindful of their finances and have actively searched for methods to save money. When asked about financial planning behaviours, 33% mentioned that they were committed to building and expanding their emergency fund, with more millennials (36%) agreeing to this.

Additionally, three in 10 cited creating additional streams of income as a key action they took due to the pandemic. In particular, a significant proportion of respondents aged 35 to 44 are committed to both building emergency funds (35%) and creating additional income streams (37%).

Almost nine in 10 (87%) agreed the pandemic has reoriented them to adopt a lower consumption and higher savings habit, while 89% want to be more prudent and intentional about their personal finance.

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