A new study by Meltwater, a global leader in media, social, and consumer intelligence, highlights a significant surge in social media discussions related to personal finance in Singapore amid the ongoing cost-of-living crisis. The study, based on data collected from September 2022 to August 2023, unveils a remarkable 334% increase in social media mentions of terms like “savings,” “saving money,” “save money,” and “high yield savings account (HYSA),” totaling 1,290 mentions compared to the previous year.
During the same period, discussions around Buy Now Pay Later (BNPL) payment methods witnessed a 169% increase. Notably, Atome received the highest positive sentiment, while Grab PayLater generated the highest negative sentiment. Concurrently, the term “scam victims” gained prominence in finance and cybersecurity conversations on social media, rising by 79% to 21,900 mentions.
The heightened social media conversations indicate a noteworthy shift in how Singaporeans are approaching financial security and adopting more informed savings strategies. In the face of economic challenges, individuals are not only seeking advice but also forming a collective voice through community support and validation.
Social media plays a crucial role in this context, providing easily accessible and digestible information. The study also highlights the growing reliance on finance influencers. According to Meltwater’s influencer discovery solution, Klear, the top five finance influencers in Singapore, with the highest Klear Scores, are:
- The Woke Salaryman (Klear Score: 91)
- Genecia Alluora (Klear Score: 80)
- Michelle Hon (Klear Score: 79)
- The Simple Sum (Klear Score: 78)
- SG Budget Babe (Klear Score: 61)
David Hickey, Executive Director of Meltwater (Asia-Pacific), emphasized the changing landscape of social media conversations surrounding personal finances. He noted, “Our findings reveal that people are not only seeking financial advice and security but also forming a collective voice to drive change in how they manage their finances. Brands in the financial space have an incredible opportunity to engage with consumers by understanding and participating in these conversations.”
For more in-depth insights and detailed data, Meltwater’s sector report, “2023 Industry Snapshot: Banking and Financial Services in Singapore,” explores how banking and financial services can leverage media and social intelligence to uncover rising trends and opportunities.