A recent survey by Chocolate Finance, conducted by Milieu, reveals that 75% of Singaporeans with spare cash believe it is not being maximised effectively. The study, which surveyed 1,000 residents, highlights a significant gap in financial awareness, with only 10% of respondents confident about the interest rates on their bank accounts.
The research indicates that whilst Singaporeans are keen on maximising value from their expenditures, such as cashback and rewards, they pay less attention to the returns on their spare cash. Nearly half of the respondents checked their cashback or rewards in the past six months, compared to just 37% who reviewed their spare cash earnings.
Walter de Oude, CEO of Chocolate Finance, noted, “We’ve always known that Singaporeans want more from their spare cash. What this research proves is just how many people don’t actually know what their money is earning.”
The survey also found that 72% of respondents have no clear plan for using their spare cash, with many describing it as money for “one day eventually.” This lack of purpose can lead to funds being overlooked and not growing as intended.
To address this, Chocolate Finance is launching a new feature called Jars in November 2026. This tool allows users to allocate their spare cash into specific categories, such as an emergency fund or holiday savings, providing a clearer purpose and timeframe for their money.
The findings underscore the importance of financial clarity and purpose. As de Oude emphasised, “When people give their spare cash a purpose, they’re more likely to leave it alone and let it grow.”
