SINGAPORE: Singapore has fallen to sixth place for financial literacy, recording the largest decline out of 16 Asia Pacific markets, according to a annual survey by MasterCard.
The key reason for the overall decline in financial literacy here seems to be a fall in consumers’ understanding of basic money management, said MasterCard.
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Going by the survey results, people in Singapore are finding it harder to keep up with bills, budget effectively and manage unsecured loans, it added.
Singapore was previously ranked second in the region, sliding four points to score 68 points in MasterCard’s Financial Literacy Index.
