What is 'vibecession'? Nearly 80% of individuals in Singapore express optimism about the economy.

The majority of Singapore's residents are optimistic about the future of the economy and believe the government will provide support during retirement.

According to a survey conducted by SurveyMonkey in collaboration with CNBC across nine countries,

In Singapore, one of the world's priciest cities, 61% of adults report feeling paycheck to paycheck, according to SurveyMonkey's 2024 "Your Money International Financial Security" survey.

Yet 79% say they are optimistic about where the economy is headed.

In contrast to the global trend, more than half of the adults surveyed in Singapore and Mexico are positive about their economic future.

In other countries, only a minority of adults are optimistic about their future: 49% in the U.S., 37% in the U.K., 36% in Australia, and 34% in Germany.

Over 4,300 adults from various countries participated in a survey between March 8 and 25, resulting in a global picture of financial sentiment among adults.

'Vibecession' trends globally

The global economy is causing many people to feel anxious about their finances due to mass layoffs and inflation.

Despite the International Monetary Fund's predictions of a "soft landing" for the global economy and a slow moderation of inflation, there are still concerns about the future.

Inflation is the primary source of financial stress for adults in all nine countries surveyed, according to a poll by Yet SurveyMonkey.

In Mexico, Spain, and the U.S., adults reported the highest levels of stress about money, with over 70% saying they are "very or somewhat stressed" about their personal finances. In contrast, about 49% in Singapore and 48% in France also reported high levels of stress.

The percentage of financially stressed individuals in each country surveyed is as follows:

1. Mexico: 73%
2. Spain: 72%
3. United States: 70% (tie)
4. Australia: 70% (tie)
5. United Kingdom: 63%
6. Germany: 57%
7. Switzerland: 55%
8. Singapore: 49%
9. France: 48%

"According to a CNBC report, Eric Johnson, CEO of SurveyMonkey, stated that most experts believe that pandemic supply chain issues have largely been resolved. Furthermore, despite experts monitoring global unemployment, joblessness has decreased below pre-pandemic levels."

So why are people still pessimistic about the future?

Despite financial data indicating a healthy economy, the average consumer sentiment about the economy remains negative, resulting in the rise of the global trend known as "Vibecession."

It's like a recession, but based on feelings and perceptions, not actual data.

How Singapore stands out

In contrast to the other eight countries, the majority of Singaporeans feel financially better off than their parents at the same age.

Strategies for achieving a sense of financial stability vary across countries.

In Australia and the U.K., nearly half of the respondents prioritize "spending less than you make" to feel financially secure, while in Singapore, having a well-paying and steady job is more highly valued.

Only 12% of surveyed individuals in Singapore require an annual income of 50,000 Singapore dollars (approximately $37,110) to feel financially secure.

According to the survey, 31% of respondents require an annual income of SG$100,000 or more to feel financially secure, while 30% need a minimum of SG$500,000. Additionally, 22% of respondents require an annual income of SG$1 million or more to feel financially secure. Only 4% of respondents stated that they will never feel financially secure.

In Singapore, over half of survey respondents depend on investment income for financial stability.

In Singapore, 23% of respondents considered diversifying their investments as the most crucial factor for achieving financial security, while 20% believed owning their own business was the key. Among the nine countries surveyed, Singapore had the highest percentages recorded for both categories.

In all countries, only half of the respondents reported saving an emergency fund, with Singapore having the highest percentage at 73%.

According to recent studies, France and Singapore have the highest percentage of individuals who are on track or ahead of schedule in saving for retirement.

Out of all the countries surveyed, Singapore residents had the highest level of confidence in their government's ability to financially support them during retirement, with 78% of respondents expressing optimism.

In the survey, the majority of respondents in other countries, except for Singapore (54%) and Switzerland (51%), lack confidence in their government's ability to support them financially in retirement.

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