Singaporeans’ sentiments on Budget 2024 vs. Budget 2025: A year in review

Every year, the Singapore Budget sets the tone for the nation’s economic direction, addressing concerns like inflation, social support, and long-term growth. But how do Singaporeans really feel about it? To find out, Milieu Insight surveyed 1,000 Singaporeans in 2024 and 1,002 in 2025, capturing public sentiment on Budget 2024 versus Budget 2025. Here’s what changed—and what stayed the same.

Awareness of the budget announcement

Singaporeans remain highly engaged with the national budget. In 2024, 84% reported having watched or heard about Budget 2024, and this rose slightly to 85% in 2025. Despite economic uncertainties, the steady awareness suggests that Singaporeans continue to pay close attention to policies that impact their daily lives.

Overall sentiment towards the budget

Budget 2025 received a warmer reception than its predecessor. In 2024, only 4% of Singaporeans felt “very positive” about the budget, compared to 8% in 2025. The percentage of those feeling “positive” or “somewhat positive” also climbed from 51% in 2024 to 56% in 2025. Meanwhile, neutral responses held steady at around 24-27%, and negative sentiment remained low, with only 7% of respondents in 2025 expressing dissatisfaction, down slightly from 9% in 2024.

Another notable shift: fewer Singaporeans were unsure about the budget’s impact. In 2024, 9% said they didn’t know enough to form an opinion, but this dropped to 6% in 2025—possibly due to improved communication or increased public engagement.

Perceived impact of budget measures

The policies in Budget 2025 seemed to hit closer to home. In 2024, the most impactful measure was the S$600 CDC vouchers for all Singaporean households, with 65% of respondents finding them useful. In 2025, the government raised the amount to S$800, and 66% said it made a difference.

The standout initiative in 2025 was the SG60 package, which 72% of Singaporeans identified as impactful—higher than any individual measure in 2024. Other benefits, like additional U-Save and S&CC rebates, also saw a bump in recognition (34% in 2025 vs. 31% in 2024). However, the perceived impact of CPF contribution rate increases declined slightly (22% in 2024 vs. 16% in 2025).

Coping with rising costs of living

For many Singaporeans, a key question is whether the budget helps them manage everyday expenses. In 2024, only 38% felt the measures were sufficient, while 62% disagreed. In 2025, confidence improved slightly, with 45% believing the budget provided enough support—though 55% still expressed concern.

When asked if the budget reassured them about managing the cost of living, 43% of respondents in 2024 agreed (either strongly or somewhat), compared to 47% in 2025. While the improvement is modest, it signals a growing sense of optimism.

SkillsFuture and upskilling

Skills development continues to be a priority. In 2024, a S$4,000 top-up for Singaporeans aged 40 and above was introduced, and 53% said they were more likely to upskill because of it. However, by 2025, only 37% have utilised their SkillsFuture credits. In 2025, the new part-time SkillsFuture Level-Up Programme was rolled out, with 50% expressing increased more willingness to upskill. Although this represents a slight dip, interest in AI and cybersecurity-related training remains strong—74% of respondents in 2025 were keen on these areas, compared to 71% in 2024.

Conclusion

Singaporeans’ sentiment towards the budget has improved modestly from 2024 to 2025, with a slight increase in optimism and engagement. While cost-of-living concerns persist, financial aid measures like the SG60 package and CDC vouchers played a role in shaping a more positive outlook this year.

At the same time, upskilling remains a focal point. Moving forward, the challenge for policymakers will be to balance short-term financial relief with long-term economic resilience—ensuring that support measures remain relevant while empowering Singaporeans for the future.