The Institute for Understanding Risk in Singapore's (IPUR) Risk Index 2023 report analyzes the risks that are of concern to Singaporean society. The report aims to provide insights into the public's perceptions of these risks, and promote a shared understanding among government, businesses, and the public on the challenges and opportunities related to risk management.
Methodology:
- The report included an online survey of 2,124 respondents of different ages, gender, education levels, and income.
- The survey was conducted between October and November 2023, focusing on 13 key risks identified through a news analysis of risks between May 2022 and April 2023.
*The top risks faced by Singaporeans in 2023*:
1. Financial risks:
- Inflation was a very high concern for 35% of respondents.
- Issues related to investment and financial fraud are a major concern for 23% of respondents.
2. Environmental hazards:
- Heat-related risks (19%) are more important than floods and wildfires (8%).
3. Health risks:
- Health risks such as cancer, heart disease, and diabetes were relatively less of a concern compared to financial risks.
- COVID-19 was an exception, with a large proportion reporting being affected.
4. *Personal experiences*:
- 60% of respondents reported being affected by inflation.
- About half have felt the impact of heat and climate change firsthand.
Risk outlook for 2024:
- Singaporeans expect inflation to be their biggest risk.
- Among other predicted risks for 2024:
- Investment and financial fraud (23%).
- Climate-related natural disasters such as heat and climate change.
Responsibility in risk management:
- Singaporeans see the government as having the most responsibility for managing risk, except for health risks for which they believe individuals are more responsible.
- Environmental risks such as heat and climate change are a shared responsibility between all parties (government, companies, individuals).
- Private companies are required to take more action to deal with risks such as inflation and climate change.
Recommendations and outputs:
- There is a need for greater transparency about the measures taken by the government and businesses to address risks.
- Public awareness about the steps individuals can take to protect themselves needs to be improved.
- The report recommends integrated efforts between governmental and private entities and individuals to deal with the growing challenges, especially in light of escalating environmental and financial risks.
Summary of participant demographics:
- 20% are under the age of 30, and 25% are over the age of 50.
- 61% have college degrees.
- 35% have a monthly income of less than S$7,000, while 14% have a monthly income of more than S$15,000.
Institute for Understanding Risk (IPUR):
- A leading research institute affiliated with the National University of Singapore, specializing in understanding public risk.
- It aims to advance societal understanding of risk through interdisciplinary research and partnerships with governments and industries.
This report is an important reference for policymakers and researchers to understand the risks affecting society and develop more efficient strategies to manage them in the future.
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