The findings were taken after 3,563 individuals were polled in seven countries and territories - Singapore, Malaysia, Taiwan, Korea, India, China and Hong Kong - in December 2009. The first survey was conducted in March 2009 and polled 514 Singaporeans. 504 Singaporeans were polled this time.
Only 30 per cent of Singaporeans said they have enough savings. 60 per cent feel they are not saving enough while 11 per cent said that they have no savings. It seems that most Asians have insufficient savings. More than half of people in all the other countries except India feel that they have not saved enough.
- More Singaporeans want to save for a rainy day: survey, AsiaOne.com, January 23, 2010.
2. A fifth of Britons admit to having no savings whatsoever while only just over a third of adults say they have less than £500 put aside for a rainy day, new research reveals today.
The figures from market research consultancy Mintel also show that women are least likely to have that all important nest egg. About 17% men, nearly a quarter (22%) of women and as many as 22% families admit to having no savings at all.
The findings paint a grim picture of millions of households unprotected by even the smallest of financial cushions as they struggle to cope with the everyday cost of living in tough economic conditions. Rising fuel prices and a hike in VAT have made the beginning of 2011 difficult. Increase in inflation is further bad news for savers finding the value of their deposits falling in real terms. The rise in the Consumer Prices Index to 4% in January from 3.7% in December means a basic rate taxpayer now needs to find an account paying at least 5%, just to stop the value of their savings eroding in value.
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