Are You Feeling Anxious About Money?

You're not alone. With higher costs of living, increased GST and inflation, plus the real risk of being laid off, it’s no wonder that many individuals are worried about making ends meet. We speak to experts about how to recognise and manage the effects of financial anxiety.

- Audrey Ng

Samantha Tan was retrenched from her tech job last November. An IT project manager there for two years, she is worried about how long her savings can last, especially with inflation and an increase in GST driving up the cost of living in Singapore.

“Seeing all the news of retrenchments, I can’t say that I’m not worried about my job prospects. There’s lots of competition and because of inflation, everyday items such as groceries have now become so expensive! I’ve definitely had to cut down my discretionary spending,” she says.

The 38-year-old says she has started cooking her own meals at home and opting for cheaper options when dining out, or just having a coffee instead of brunch when out with friends. She also hasn’t renewed her Virgin Active gym membership, and instead follows Youtube workouts at home since she now has “more time and less money”.

She counts herself lucky that she lives alone and has no children, although there are still monthly insurance and telco bills to pay. Her HDB mortgage comes from her CPF, so she doesn’t feel the pinch as much, but her biggest concern is that her elderly parents don’t have health insurance.

“I know of others who have been impacted, and are worried about providing for their young kids. My immediate concern now is making my savings stretch for more than six months and to start looking into buying insurance for my parents,” she says.

2023 saw Singapore once again emerge as the world’s most expensive city tied with Zurich, according to the Economist Intelligence Unit.

In fact, Singapore’s core inflation hit 5.5 per cent, higher than pre-pandemic levels.