A recent survey by GXS Bank reveals that Singaporeans place more significance on luck in their financial success than they might openly admit. The GXS Progress Quotient 2024 survey, which included 1,300 Singaporeans and permanent residents aged 13 to 59, found that 44 per cent of respondents believe luck plays a role in achieving financial success. Notably, 54 per cent of individuals aged 55 to 59 and 52 per cent of gig workers see luck as a key factor for future financial progress.
Background
Singaporeans often pride themselves on hard work, education, and the belief that success is within their control. The notion of meritocracy is deeply ingrained, and many shy away from attributing success to factors beyond personal effort. However, the GXS Bank survey suggests that luck is a more significant factor in financial success than commonly acknowledged. This insight challenges the traditional view and highlights the complex interplay between effort and chance in financial matters.
Survey findings
The GXS Progress Quotient 2024 survey found that luck, or the lack thereof, significantly influences how consumers perceive their chances of financial progression. Unexpected windfalls, such as receiving angbaos or winning lucky draws, can motivate individuals to save or spend more. Conversely, bad luck can lead to saving for future hardships or indulging in vices to cope with distress. The survey also revealed that 37 per cent of individuals aged 55 to 59 showed the highest measure of optimism about their financial futures, while Gen Z, at 18 per cent, displayed the least optimism.
Lucky, optimistic or both?
According to Psychology Today, a strong belief in luck can foster optimism, which in turn encourages proactive financial behaviours like saving and investing. The GXS survey supports this, showing that optimism about financial futures varies across age groups. Older individuals tend to be more optimistic, while younger generations, particularly Gen Z, are less so. This optimism can lead to better financial well-being and a more proactive approach to managing money.
Don’t count on luck alone
While luck can play a role in financial success, it’s not the only factor. GXS Bank has introduced the “Boost Pocket” feature in their GXS Savings Account, offering higher interest rates for committed savings. Customers can earn up to 3.48 per cent per annum for a three-month tenure and 3.28 per cent per annum for a one-month tenure. Even if the tenure is broken prematurely, base interest is still credited daily at a rate of 2.38 per cent per annum. This feature aims to encourage disciplined saving and provide a tangible way to grow finances beyond relying on luck.
Future implications
The GXS Progress Quotient 2024 survey sheds light on the nuanced views Singaporeans hold about financial success. While hard work and education remain crucial, the role of luck cannot be entirely dismissed. As digital banking evolves, features like GXS Bank’s “Boost Pocket” offer practical tools to enhance financial growth. Looking ahead, understanding the balance between effort and chance will be key to navigating financial landscapes and achieving long-term success.
