S’poreans see luck as a driver for financial success: GXS Bank survey

Do we tend to think of Singaporeans as a lucky or a superstitious bunch?

Perhaps not at first glance.

In Singapore, we often pride ourselves on hard work, education, and the belief that success is something tangible, within our control.

Most people shy away from the notion that success might be out of our hands, preferring instead to believe in meritocracy and personal effort.

However, a recent survey by GXS Bank reveals that people place a little more significance on luck when reviewing our finances than we care to admit.

After all, there are other ways, besides just luck, to grow your finances but more on that later.

Up all night to get lucky?

A survey conducted by GXS Bank – the GXS Progress Quotient 2024 – found that luck, or a lack thereof, also played a significant role in how consumers perceived their chances of financial progression.

Sometimes, luck manifests as unexpected windfalls—money we receive without any effort on our part.

Maybe this is why we like receiving unexpected angbaos or why we still put our names in for lucky draws.

The next big win could be round the corner.

When things are looking good, it motivates us to either save or spend more.

Conversely, when bad luck strikes, we might save money to prepare for future hardships or indulge in vices to cope with our distress.

The survey pooled 1,300 Singaporeans and permanent residents aged 13 to 59. Amongst those, 300 respondents were under the age of 35 and early into their careers.

Across all age groups, 44 per cent of respondents believed that luck could be beneficial in achieving financial success.

Notably, 54 per cent of individuals aged 55 to 59 and 52 per cent of gig workers saw luck as a key factor for future progress, making it the top perceived driver of financial advancement for these segments.

Lucky, optimistic or both?

When good things happen, individuals are more likely to feel optimistic, leading to increased spending.

According to Psychology Today, the stronger one’s belief in luck, the more likely they are to be optimistic.

This optimism, in turn, fosters greater financial well-being, encouraging proactive behaviors like saving and investing.

The survey also found that optimism about financial futures varies across age groups.

For instance, 37 per cent of individuals aged 55 to 59 showed the highest measure of optimism, whereas Gen Z, at 18 per cent, displayed the least optimism toward making financial decisions.

Don't count on luck alone

Money doesn’t grow on trees, but there are ways to grow your money.

GXS Bank has just enhanced their GXS Savings Account with the launch of “Boost Pocket”.

With “Boost Pocket” (insured up to S$100,000 by Singapore Deposit Insurance Corporation), customers earn a higher interest rate if they commit their savings for one or three months and earn bonus interest at the end of the tenure.

To celebrate the launch of “Boost Pocket”, GXS Bank is offering a launch special.

If you open a three-month Boost Pocket in September, you could earn 3.48 per cent per annum in interest. A one-month Boost Pocket will earn you a launch interest rate of 3.28 per cent per annum.

If you decide to break the tenure prematurely, fret not, as you can still earn base interest which is credited daily.

Base interest rate is fixed for both tenures at 2.38 per cent per annum which is credited daily and benefits from compounding; bonus interest will be credited at the completion of the tenure.

Learn more about the “Boost Pocket” feature here.

The Boost Pocket launch interest rates end at the end of September 2024.

The writer of this GXS Bank-sponsored article wishes you a huat-derful life.

Top photo via Andre Taissin/Unsplash