Latest news with #financialstress
Independent Singapore
a day ago
- Business
- Independent Singapore
CNBC report says Singdollar may reach safe-haven status, like Swiss franc, yen, and US dollar
SINGAPORE: A CNBC report from earlier this week quotes industry experts as saying that the Singapore dollar may become a 'safe haven' currency — an asset that retains its value or even appreciates during times of market turbulence. The Singdollar may end up as 'the next safe haven on a par with the Swiss franc,' the report says, noting that though the US dollar is still the top reserve currency around the globe, the dollar index has decreased by more than 9 per cent this year. Meanwhile, trade concerns cast a shadow over the Japanese yen's outlook. The CNBC report quoted an FX strategist at OCBC, Christopher Wong, as noting that the Singdollar is not considered in the same way as the US dollar, the yen, and the Swiss franc. It 'tends to exhibit defensive characteristics during episodes of financial stress — especially those centred in Asia.' Mr Wong pointed out that Singapore's currency already works as a 'quasi safe-haven' in the region and for emerging markets. The Singapore dollar has gained strength against the US dollar this year, rising around 6 per cent so far. In May, an article in CNA said that the two currencies, then at $1 to S$1.29, could reach parity . Mansoor Mohi-uddin, chief economist at Bank of Singapore, said at the time that parity between the two currencies could be achieved 'in our lifetimes' and cited the example of the Swiss franc, which did so in the wake of the financial crisis of 2008. On July 11, Jefferies Financial said the same. Its group strategist, Christopher Wood, noted that since March 22, when the US Federal Reserve started increasing interest rates, the Singdollar 'has appreciated against almost all major currencies, confirming its status as the 'Swiss franc of Asia.'' 'Wood stated that Singapore's bond yields remain attractive to conservative funds focused on wealth preservation. From a five-year perspective, it is reasonable to expect the exchange rates of the Singapore dollar to reach parity with the US dollar, implying an appreciation of 28 per cent,' Jefferies added. What has contributed to the strength of the Singdollar is the city-state's economics, institutions, and policies regarding fiscal prudence, which are routinely described as solid. Moreover, Singapore has political stability and a deep well of reserves. CNBC quotes VP Bank chief investment officer Felix Brill as saying that Singapore's monetary policy framework has given 'exceptional stability' to the currency, 'which is exactly what safe haven flows seek.' Obstacles to the Singdollar reaching safe haven status, however, remain. The first is the size of the market for the Singapore dollar, compared to the US dollar, the yen, and the Swiss franc. The second is the fact that the city-state's economy is heavily reliant on exports. /TISG Read also: SAFE HAVEN: So much cash has been deposited in Singapore that DBS lent MAS $30 billion
News24
a day ago
- Business
- News24
These are SA's most financially stressed people — survey
The people who are feeling the most stressed about their finances include women, those earning between R10 000 and R20 000, and people over the age of 45. These were the results of the 2025 DebtBusters Money Stress Tracker, which surveyed 27 000 people about how financial stress is affecting their lives. Overall, 70% of those surveyed said they were feeling stressed about their finances. While this is an improvement from the 78% recorded in 2023, it is a very high figure. The survey respondents were not under debt review but had registered on the DebtBusters website. This suggests that the survey may be biased towards those in financial difficulty who are searching for information on managing their debt. Nevertheless, it is concerning that nearly half of those surveyed spend more than 40% of their after-tax income on debt repayments. According to Benay Sager of DebtBusters, consumers should not spend more than 30% of their take-home pay on debt repayments, with an amount above 40% considered unsustainable. Caught in a sandwich Those aged 45 to 54 are the only age group that is feeling more stressed now than in 2022, and they have the highest levels of debt. Intuitively, the higher debt levels would make sense as they are the age group most likely to have mortgage and car repayments, but even so, the debt levels are alarming. Sixty percent of this age group have debt repayments in excess of 40%. This age group is most likely to find itself in the 'sandwich generation', supporting both adult children and ageing parents. This is also the age when a person would be starting to worry about their financial ability to retire. They would be facing choices between paying off debt and contributing to retirement funds. Women juggle more roles The survey found that women suffer significantly more stress than men when it comes to their finances and even more so when it comes to work, home life and their health. Commenting on these results, psychologist Andrea Kellerman says women carry multiple roles such as caregivers, professionals, mothers, and daughters, and tend to worry about the wellbeing of their entire household. Women are particularly concerned about running out of money before the end of the month and meeting their debt obligations. Nearly half of the mothers in South Africa are raising children on their own, which could also be contributing to their stress levels both financially and as caregivers. Higher income, higher debt While one would expect lower-income earners to suffer higher financial stress, the Money-Stress Tracker found that those earning above R20 000 were far more indebted. Nearly 60% of those earning between R20 000 and R35 000 were spending more than 40% of their income on debt repayments, with one in four people spending in excess of 50% of their income on debt. This is the segment that can access credit more easily and is more likely to have car and house finance. The rapid increase in interest rates between 2022 and 2024 would have had a significant impact on their monthly cash flow. Saving fatigue Despite these high levels of financial stress, the number of people taking active steps to control their finances has declined by over 10%. The number of people trying to cut back on their spending has declined since the peak in 2023, which Sager says could be an indication of 'savings fatigue'. It could also mean that people feel they have cut back as much as possible and have no further savings to make. When asked what is stopping them from taking action, most people feel stuck or do not know who to trust to help them, while younger people are more likely to feel too embarrassed to reach out for help. There also seems to be a disconnect or lack of awareness around their personal finances. Many who spend more than 40% of their income on debt repayments do not believe that they are over-indebted or that they need help. The most important message to those who are feeling stressed about their finances is to take action. It starts with understanding your current financial situation and writing down all your financial obligations and day-to-day spending. While it may feel like a daunting task, in most cases, once you have a proper view of your financial situation, you will be able to put a plan in place. Simply having a plan and a sense of control will reduce your stress levels. Once your stress levels reduce, you will be in a better position to make improved financial decisions, rather than reacting in the moment, and signing up for another expensive loan to get by. If you believe you are over-indebted and, even with a proper budget in place, you are unable to meet your debt obligations, then you should consider debt counselling rather than defaulting on your debt obligations.
Yahoo
6 days ago
- Business
- Yahoo
How rising living costs are changing the way we date, live and love
If it feels like rising prices are affecting your dating life or friendships, you're not imagining it. Around the world, economic pressures are taking a significant toll on personal relationships. From strained romantic partnerships to postponed life milestones, financial uncertainty is changing the way people connect and relate to with one another. Young adults in their 20s and 30s, in particular, are facing an altered social landscape where even the most fundamental aspects of relationships are being influenced by financial realities. Dating today can feel like a mix of endless swipes, red flags and shifting expectations. From decoding mixed signals to balancing independence with intimacy, relationships in your 20s and 30s come with unique challenges. Love IRL is the latest series from Quarter Life that explores it all. These research-backed articles break down the complexities of modern love to help you build meaningful connections, no matter your relationship status. Financial stress and relationship strain Money has long been one of the biggest sources of conflict in relationships, but today's economic landscape has made financial stress an even greater burden. In Canada, a staggering 77 per cent of couples report financial strain, and 62 per cent say they argue over money. The rising cost of rent, food and everyday expenses has forced many couples to make difficult financial decisions, sometimes at the expense of their relationship. These concerns are not unique to Canadian couples. A study in the United Kingdom found that 38 per cent of people in a relationship admit to having a secret account or 'money stashed away' that their partner doesn't know about. And in the United States, couples surveyed reported having 58 money-related arguments per year. Even more concerning, financial instability is affecting how long relationships last. A recent RBC poll found 55 per cent of Canadians feel they need to be in a relationship to afford their lifestyle. The economic barriers to independence are particularly pronounced for those contemplating separation or divorce. Traditionally, a breakup meant one partner moving out, but now more divorced and separated couples are finding themselves cohabitating simply because they can't afford to live alone. Understanding how to maintain a healthy relationship when facing financial troubles is essential for couples to navigate these difficult times. Postponing major life decisions The cost-of-living crisis is also delaying key life milestones for young adults worldwide. A Statistics Canada survey found that 38 per cent of young adults have postponed moving out due to economic uncertainty, an increase from 32 per cent in 2018. This issue is not only delaying the journey to independent adulthood, it is also reversing it. For example, in the United Kingdom, one in five young adults who moved out have had to move back into their family home due to the cost of living crisis. Housing affordability plays a major role in these delays. With housing prices soaring in Canada, the U.S., the U.K. and elsewhere, home ownership feels out of reach for many. For instance, 55 per cent of young Canadians report the housing crisis is fuelling their decision to delay starting a family. These delays have cascading effects on individuals and on broader societal trends, including lower fertility rates and shifts toward smaller families. Dating in a cost-conscious era One side effect of the rising cost of living is that couples are moving in together sooner than they might have otherwise in order to split living expenses. Others are adopting a more pragmatic approach to dating and bringing up topics like financial stability, job security and housing much earlier in their relationships. A dating trend known as 'future-proofing' is also spreading. According to Bumble's annual trend report, 95 per cent of singles say their worries about the future are impacting who they date and how they approach relationships. Top concerns include finances, job security, housing and climate change. Read more: At the same time, financial strain is leading to simpler and cheaper date nights. More than half of Canadians say the rising cost of living is affecting dating. Many people are opting for budget-friendly activities like coffee dates, picnics or home-cooked meals instead of expensive dinners or weekend getaways. In the U.K., inflation and other day-to-day expenses have also made 33 per cent of the nation's young singles less likely to go on dates. Around one-quarter of them say it has made them less likely to seek out a romantic partner altogether. These costs are forcing single Americans to adjust their dating plans. With 44 per cent of single Americans reporting adjusting a date for financial reasons, and 27 per cent outright cancelling plans due to financial pressures, it is clear that the cost of living is fundamentally changing how Americans date. Also, with 38 per cent of dating Canadians saying the costs associated with dating have negatively impacted their ability to reach their financial goals, some are even skipping dating altogether. The cost of friendship Friendships, too, are feeling the pinch. Gone are the days of casually grabbing dinner or catching a concert on the weekend. Nearly 40 per cent of Canadians, 42 per cent of Britons and 37 per cent of Americans have cut back on social outings due to financial constraints. While this may seem like a small sacrifice, the decline in social interactions carries serious consequences. Regular social engagement is critical for mental health, resilience and career development. The more social activities are reduced, the greater the risk of loneliness and isolation — two factors that can significantly impact emotional well-being. For many, socializing now means opting for budget-friendly alternatives. However, even with creative adjustments, financial pressures are making it harder to maintain strong social ties. The changing landscape of connection If you're in your 20s or 30s, you've probably felt the way the economic realities of today are reshaping what relationships look like. Rising costs are influencing everything, from who you live with, how you date and when — or if — you take major life steps. Maybe you've moved in with a partner sooner than planned to split rent, swapped nights out for budget-friendly hangs or put off milestones like starting a family. You're not alone. Financial pressures are redefining how we connect with each other. Finding ways to maintain strong relationships under economic stress is essential. Research shows providing emotional support to your partner, employing positive problem-solving skills and engaging in open communication are key maintaining high-quality relationships. This article is republished from The Conversation, a nonprofit, independent news organisation bringing you facts and trustworthy analysis to help you make sense of our complex world. It was written by: Melise Panetta, Wilfrid Laurier University Read more: Love in the age of conspiracy: 5 tips to deal with disinformation and political polarization in relationships How embracing the cringe can help your dating life How to cope with romantic rejection – a psychologist's advice Melise Panetta does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.
Forbes
7 days ago
- General
- Forbes
Embattled Adult Kids Are Stressing Their Aging Parents-Can It Stop?
Two sisters with parents in their 80s bitterly accuse one another of wrongdoing. Older sister (OS) originally had full charge of both parents, quitting her job to care for Dad when he got sick. Younger sister (YS) is sure OS took money she should not have taken, as she drew a small regular amount from the parents' funds to help support herself. OS is sure YS took money out of the parents' savings and hid her actions. Then the power over funds was switched to YS and finally revoked by the parents. No one is clear about Verbal strikes by sisters stress older parents who is right. The fight goes on. The conflict seems to be driven by an underlying fear that the parents will run out of money while they still need full time care. It is a legitimate fear. The parents' income is good from their retirement plans as public employees for decades, but it is not enough to pay for a full time caregiver who helps both of them. Mom cannot do much for herself now. She is in a wheelchair and needs assistance with her basic activities such as bathing, dressing and getting to the bathroom. Dad is less impaired but has early dementia. He's in a wheelchair too. The Dire Financial Picture Most of us believe that if we have solid careers and a retirement plan or pension that we'll be okay in retirement. For many, the rude awakening comes when one must pay for help at home. Medicare does not cover this except for a short time after a hospitalization. Normal health insurance does not cover it either. So, it has to come out of savings or selling assets. In this family's case, the only significant asset left is the parents' home, which has a loan on it. That loan is paying for the home care workers. When it comes due, the elders will have to sell their home. That creates a taxable event and will not leave a huge amount of sale proceeds to pay for care elsewhere. No one in this family has a plan for what happens after the home must be sold. Neither OS nor YS make enough money working to support their parents. Failure To Plan The parents, like many retired elders, never imagined running out of money. After all, that good pension should be enough to live on rather well, right? Neither parent ever contemplated becoming impaired and needing around the clock help. That is a failure on their part to even consider the potential need for long term care, now causing nasty fighting between their adult children. The mutual accusations between the sisters will never solve the running-out-of-money issue. What the aging parents might have done at an earlier stage in life could have included investing in a way that increased their income, downsizing their home to generate cash, buying long term care insurance when they were younger, making a plan to move to a less expensive place to live and get care, and other possible options. As they live on, the parents face the prospect of becoming impoverished and having to accept the lowest level of care available with public benefits, which at this moment are all in danger, given the current political climate. Possible Solutions No one is going to give these elders an easy way out of their situation. There is no public program that will allow them to stay at home indefinitely, keep the home, repay the loan, and have full time care there. No magic solution exits. There are some things that can lessen the load of stress the elders have to deal with now, particularly over the daughters' battle. They make accusations about who took what money from the parents and how it was spent. Facts can clear up the misconceptions if there are any. 1. A neutral outside professional, such as a licensed fiduciary, bookkeeper or Daily Money Manger can do an accounting of all income and expenses from the time the Dad fell ill up to the present. Money leaves a trail. A neutral person can show in black and white the figures both sisters and the parents need to see to reduce the vitriol that is unnecessarily stressing out the parents. If anyone needs to make things right, the same evidence will be before all family members. If not, they can drop the fighting and focus on their parents' future. 2. Either OS or YS or any other competent person can start the research now on alternative living arrangements where care can be provided for both parents full time. The elders live in a very expensive area of their state where property values are high. Even with repayment of the loan on the home, and the tax consequence of selling it, they are going to receive some cash after it's said and done. That cash can help pay for care in a far less expensive location than the parents' current home with their agency provided caregivers. 3. Both parents need to be prepared to accept that they can't stay at home after the home loan comes due. They also need to accept that their living situation must change. They expressed the desire to remain where they are 'as long as possible.' That is a common refrain we hear at where we advise families, including this one. These folks are reaching the limit of 'as long as possible' at home soon. Possible means one must be able to pay for the privilege. That has an expiration date in this case. There are no other assets to tap to enable them to stay in place. The Takeaways It seems clear to us as advisors in this matter that the real force behind the sibling fighting over who did what is that neither wants their parents to end up with nowhere to go and no way to pay for care. The daughters themselves cannot provide the needed care. We suggested to them to do these things: 1. Get a full accounting of finances from an outside neutral person and accept the results. It is too late to undo any money moving that may have happened in the past. Unless there is clear proof of financial abuse from the accounting, it is not worth anyone's time to continue the battle. Get over your own conflicts and concentrate on planning for your impaired parents' safety for the future. They are very stressed by your fighting. 2. Plan for alternative locations where your parents can live and receive care at a lower price than they are now paying in their very expensive county. Lower cost options do exist, outside their city and in different parts of their state. Spend your time and efforts in finding a good place for them, analyze the timeline and plan for it. 3. Get tax advice, medical opinions and projections from their healthcare providers, and care planning advice from the appropriate available experts. Those kinds of advice are valuable in helping to protect vulnerable elders from being forced into a sub standard nursing home, their worst nightmare. Family fights are not an uncommon matter in the world of aging parents who need care. It is possible to get them resolved if the family members are willing to change focus from accusations against one another to protecting their parents. Family meetings conducted by facilitators or mediators who are well versed in the legal and medical issues at hand can reduce stress for all.
CTV News
14-07-2025
- Business
- CTV News
Alberta leads the country in people reporting financial stress, cautious spending
The latest MNP Consumer Debt Index suggest nearly half of Albertans are $200 or less away from financial insolvency. (File) Albertans are more likely than any other province to report feeling stressed about their finances, according to a new report. The latest MNP Consumer Debt Index shows 41 per cent of Albertans polled say they feel anxious about their financial situation. The report shows two-in-five Albertans are concerned rising interest rates could drive them toward bankruptcy. That same amount are also feeling more cautious with how they manage their money due to current financial pressures; Alberta tops the list in this category. Nearly half of Albertans (47 per cent) say they are $200 or less away from financial insolvency, which is up slightly from the last report. Significantly more Albertans this quarter are concerned about interest rates, with nearly two-in-five concerned rising interest rates could drive them toward bankruptcy Even if rates do go down, many Albertans (46 per cent) remain concerned about their ability to repay debt. This survey was conducted by Ipsos and included interviews with 2,003 Canadian adults conducted between June 9 to June 13. The results are accurate to within +2.5 percentage points, 19 times out of 20.
