Pre-Budget 2025 vs. Post-Budget 2025: How have sentiments shifted?

Singapore’s Budget 2025 has sparked nationwide discussions. But does it truly address key economic concerns? More importantly, has public sentiment changed before and after the announcement?

To find out, we surveyed 1,000 people before the Budget and 1,002 people after. Here’s what we discovered.

Economic outlook: A shift toward optimism?

Before the Budget:

• 18% of Singaporeans felt more confident about the country’s economic outlook compared to last year.
• 61% felt the same
• 21% felt less confident

After the Budget:

• 64% expressed some level of positivity toward Budget 2025
• 47% felt more reassured about managing the cost of living

This shift in optimism suggest that some Singaporeans see promise in the new initiatives.

Inflation and cost of living: Concerns still linger

Before the Budget, inflation was a top concern for 84% of respondents. Among them:

• 56% felt inflation was worsening
• 65% rated inflation as "high" or "very high"

The most pressing cost-related concerns included:

• Food & grocery prices (63%)
• Healthcare expenses (46%)
• Utilities & household bills (45%)
• Cost of daily essentials (40%)

After the Budget, cost-of-living pressures remain a major concern. 55% of Singaporeans still feel Budget 2025 does not provide enough support to ease financial burdens.

Key Budget 2025 initiatives: What stands out?

The five most impactful measures, according to respondents, were:

• SG60 Packages (72%)
• CDC Vouchers (66%)
• Additional U-Save and S&CC Rebates (34%)
• SG60 ActiveSG Credit Top-Up (33%)
• Personal Income Tax Rebate (33%)

These initiatives aim to ease financial stress by offsetting essential expenses, particularly for lower- and middle-income households.

Upskilling and job security initiatives: Will they work?

A key highlight of Budget 2025 is workforce upskilling. PM Lawrence Wong announced that companies with at least three Singaporean and permanent resident employees will receive a fresh $10,000 credit as part of efforts to help employers defray out-of-pocket costs for workforce transformation, as well as a S$300/month part-time upskilling allowance under the Level-Up Programme to encourage upskilling, along with other SkillsFuture initiatives. But will Singaporeans take advantage of it?

Before the Budget:

• Only 37% had used their SkillsFuture credits.
• 63% had yet to tap into them.

After the Budget:

• 50% said they would be more likely to upskill, particularly in Artificial Intelligence (AI) and Cybersecurity.
• 65% expressed interest in these high-demand skills, while 9% had already started.

These initiatives aim to enhance job security and long-term financial stability. However, their success depends on how well Singaporeans adopt them—and whether reskilled workers match industry needs.

How does Budget 2025 address Pre-Budget concerns?

The Budget aims to tackle key issues by:

• Easing financial pressures through cash payouts, rebates, and subsidies.
• Boosting job security with upskilling allowances and employer incentives.
• Enhancing worker support via improved CPF contributions and financial aid.
• Strengthening economic resilience with trade and business support.

However, despite these measures, public sentiment remains cautiously optimistic. Inflation, job stability, and global uncertainties still weigh on people’s minds, signaling the need for continued adjustments.

Final thoughts: Will Budget 2025 make a real difference?

Budget 2025 introduces new financial support, upskilling incentives, and cost-of-living reliefs, but public reception is mixed. While some feel reassured, others remain skeptical about whether these initiatives will truly alleviate economic pressures.

What do you think? Will Budget 2025 be enough to make a real impact?

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