SINGAPORE — The ongoing cost-of-living crisis is reshaping the way Singaporeans discuss and manage their finances. A new study by Meltwater, a global leader in media, social, and consumer intelligence, reveals a remarkable surge in social media conversations related to personal finance.
The report, based on data gathered from September 2022 to August 2023, found that social media mentions of terms such as “savings,” “saving money,” “save money,” and “high yield savings account (HYSA)” skyrocketed 334%, totaling 1,290 mentions, compared to a year ago.
During the same period, mentions of Buy Now Pay Later (BNPL) payment methods increased by 169%, with Atome receiving the highest positive sentiment and Grab PayLater generating the highest negative sentiment. In parallel, “scam victims” became a prominent keyword in finance and cybersecurity conversations on social media, rising by 79% to 21,900 mentions.
This rise in social media conversations reflects a significant shift in how Singaporeans are approaching financial security and savvier savings strategies. Against a challenging economic backdrop, people are not just seeking advice – they are building a collective voice through community, support and validation.
In this context, social media serves as a vital platform, providing Singaporeans with accessible and easily digestible information, leading to a 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)
“Meltwater’s study underscores the shifting landscape of social media conversations surrounding personal finances. 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,” said David Hickey, Executive Director of Meltwater (Asia-Pacific). “Brands in the financial space have an incredible opportunity to engage with consumers by understanding and participating in these conversations. By actively listening to the concerns and preferences of their audience, companies can offer tailored solutions and build trust in a challenging business environment.”
For more insights and detailed data, explore how banking and financial services can use media and social intelligence to uncover rising trends and opportunities in our sector report: 2023 Industry Snapshot: Banking and Financial Services in Singapore.