Singapore has been named the world’s most financially inclusive market for the fifth consecutive year, according to the 2026 Global Financial Inclusion Index (GFII) by Principal Financial Group and the Centre for Economics and Business Research. However, the report raises questions about whether this top ranking translates into financial confidence for Singaporeans.
The index, which evaluates 42 markets, highlights Singapore’s strong performance in government and financial system support, where it ranks first globally. Despite this, only 69.9% of Singapore respondents feel financially included, a significant drop from 87% in 2022. This decline in perceived financial inclusion is a concern amidst ongoing cost-of-living pressures and evolving retirement needs.
Singapore’s employer support has also seen a notable decline, dropping nine places to 16th in the rankings for employer-provided financial guidance and support. This is the steepest decline among all markets surveyed, indicating a potential gap in workplace financial support.
Howe Chung Wan, head of Asian Fixed Income at Principal Asset Management, commented on the findings: “Singapore’s continued leadership reflects a strong mix of support from the government, financial sector, and employers. However, as government and financial system support become increasingly sophisticated, employers need to keep pace with employees’ evolving financial needs.”
The report underscores the importance of balancing institutional support with individual financial confidence, suggesting that whilst Singapore leads in structural support, more needs to be done to ensure that individuals feel the benefits in their daily lives. As the country continues to enhance its financial systems, the role of employers in supporting financial well-being remains crucial.
