SINGAPORE – Many have been banking online during the pandemic and will continue to do so after, according to a survey conducted by personal finance website SingSaver.

The survey, which analysed 1,000 responses from Singaporeans and permanent residents aged 18 and above, set out to understand how Covid-19 will change financial habits and affect personal finance challenges over the next six to 12 months.

Conducted over four days from June 12 to 15 after the circuit breaker period, the respondents were chosen through organic sampling, where the survey was delivered randomly to users while they were using apps.

Among the respondents, 70 per cent said they had been banking online frequently since the start of the pandemic, while about 65 per cent were at least “somewhat” comfortable with using digital banking tools.

When asked if they were likely to bank online after the pandemic, 80 per cent of the respondents said they would.

“The pandemic has clearly provided Singaporeans with the impetus and time to gain familiarity and comfort with more online services,” said SingSaver’s interim country manager Prashant Aggarwal.

“It’s interesting to see how this has been the catalyst many needed for adoption, given that the majority intend to keep using these digital tools beyond the pandemic.”

He said the key to keeping people on online banking platforms lies in ongoing education.

The survey also found that older respondents – “baby boomers” aged 55 and above – were likely to use online banking tools frequently, with about two-thirds of them indicating that they would do so.

Across different age groups, respondents had a similar level of comfort with online tools.

About 69 per cent of the “baby boomer” respondents indicated that they were at least “somewhat” comfortable with using digital banking tools, compared with 69 per cent and 67 per cent in the 35 to 44, and 45 to 54 age groups.

On personal spending, 70 per cent said they are more likely to buy groceries and other essentials online even after the pandemic dies down.

However, respondents felt that the pandemic has changed their spending habits.

When asked, 87 per cent agreed that the pandemic had reoriented them to spend less and save more, while 89 per cent said they wanted to be more prudent and intentional about their personal finance.

Mr Aggarwal said of the survey results: “The demand for digital has never been greater and there’s no better time for businesses to look inwards and accelerate their digital journeys.”

LISTEN TO MONEY HACKS PODCAST

Source: Read Full Article