Singaporean workers expect their financial situation to deteriorate in 2023, reveals a new survey by global job site Indeed.
More than six in ten (63.54%) of those interviewed say they anticipate saving less (40.66%), not being able to save at all (16.78%), or even finding it hard to pay their bills (6.09%).
When discussing their financial situation, inflation and rising living costs are the primary issues in people's minds. More than seven in ten (72%) surveyed say escalating prices are their greatest concern. They also worry about a potential economic recession and the continued effects of the COVID pandemic.
Indeed's survey - which interviewed over 1,000 workers - found a growing imbalance between salaries and costs in the Island State. A large majority (77.4%) say they will cut expenses if they don't receive a salary increase to compensate for their declining purchasing power.
According to the research, inflationary pressures will motivate most to act. Almost half (48.95%) will ask their employers for a pay rise, and a similar number (47.25%) will search for a better-paying job during 2023.
"Inflation is clearly a worry for most workers, and our research suggests they will push for higher compensation, with a significant number thinking about changing jobs in pursuit of a bigger paycheck," says Nishita Lalvani, Marketing Director for Indeed in India and Southeast Asia.
"Interestingly, despite the relative pessimism about their own finances, most Singaporean workers are relatively optimistic about the economy in general."
When asked about the country's growth, half (50%) are optimistic, and 31% are neutral. Less than two in ten surveyed (19%) predict a negative year for the general economy.
The data identifies similar confidence in the government's ability to control inflation, with 44% believing the authorities will do a good job and reduce the price hike.
A significant number of employees (34%) expect a better salary through a promotion or a new job offer. However, most are unsure, with 41% saying they don't know if they will be promoted or have an opportunity in a new company. One in four (25%) don't think either will happen to them.
Another area in which Singaporean workers are more optimistic about others than themselves is the job market. For over 40%, companies' demand for new employees will remain strong, while 20% think it will decline.
The research also shows that most employees are back in the office full-time. Over 60% say they are working five times in the company office, while 33% are under a hybrid model that combines the office with working from home. Only 5% work entirely remotely.
More than half of workers (51%) say they believe they will have to work even more time at their offices and are happy with that. However, one in five people (20%) says they are unhappy with having to be back to the office for longer.