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Financial decision-maker sentiment: Singapore

An ongoing look at how the attitudes of financial decision makers in Singapore are evolving during the COVID-19 pandemic.

Most financial decision makers in Singapore view the current economy as neutral or weak and expect it to remain the same or worsen in the next three months. Half of consumers are concerned about their job security and most have eight months or fewer in savings to live off. Most consumers feel banks are performing per expectations and would like them to waive late fees on credit card and loan payments. Contactless payments has seen an increase in usage, and many consumers claim they will be using mobile and online banking services more often even after the crisis ends.

About the author(s)

Shobhit Awasthi is an associate partner in McKinsey’s Singapore office, John Euart is an associate in the New York office, David Hutchinson is a specialist in the New Jersey office, and Sameer Kumar is a partner in the Kuala Lumpur office.

The authors would like to thank Manya Jain for her contributions to this article.

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