2023 BUDGET STATEMENT

At the beginning of each year, Singapore’s Minster of Finance addresses the nation to give a review of the past year, and the outlook for the coming year. It gives the public insights into our country’s growth benchmarked against the global economy and is also a key event where new policies and government initiatives are unveiled. Highlights that pique the interest of Singaporeans typically revolve around –

• Housing

• Child-raising support measures

• Central Provident Fund (CPF)

• Tax systems

• Financial schemes

An annual event that Singaporeans pay close attention to, the budget statement can spark wider conversations for personal finance and family planning.

As consumers reassess their spending behaviour and priorities in 2023, companies in the banking and finance sector can play a meaningful part in this process through –

(1) Informative and/or educational content that decodes policy announcements

(2) Products that supplement government schemes or bolster consumers from looming economic uncertainties

Source: Mothership (2023)

Image Credits: Xero