Business Analytics Project

In my first year at Polytechnic, I embarked on a challenging yet enlightening project to create a dashboard that delves into the financial burdens faced by Singaporeans. This initiative aimed to explore and illustrate the complexities surrounding this issue, highlighting key areas such as median income, loans, and inflation.

While crafting this dashboard, I encountered numerous struggles, as it required me to delve into topics beyond my knowledge. Additionally, I had to carefully navigate my research to avoid overlapping with areas covered by my teammates, like employment and housing. Despite these hurdles, the project was immensely rewarding. It not only honed my analytical skills but also taught me to view issues from various perspectives, greatly enriching my understanding of Singapore's economic challenges.

About The Dashboard: The data reveals that 47% of Singaporeans lack sufficient emergency funds to last six months, and 86% are concerned about escalating living costs. The dashboard delves into the reasons behind this.

The top-left map in the first dashboard compares the cost of living across Asian countries. While most countries show a low index, Singapore stands out with a high index of 85.90, leading the region. This underscores Singapore's high living expenses.

A study of Singaporean spending habits has also been conducted. It shows that utilities account for the majority of expenditures, followed by transportation, health, food and beverage, education, and clothing. Despite rising expenses, disposable income has increased, most likely as a result of higher earnings. This brings us to the dashboard's next section.

The Median Income & Loans chart reveals a steady increase in median income per household member from 2003 to 2022. Nonetheless, the overall loan amount remains high, attributed to the steep cost of living. Interestingly, there's a noticeable drop in vehicle loans, possibly due to the exorbitant costs of owning a car in Singapore.

The Consumer Price Index (CPI) and inflation chart indicates a rise in the CPI, particularly between 2021 and 2022, paralleling an inflation rate increase from 2.3 to 6.1. This raises the question: 'Can Singaporeans' income growth keep pace with inflation?' The data from 2021 to 2022 shows that inflation is outpacing income growth, suggesting that the rising cost of living is indeed a significant financial strain for Singaporeans.

The final section, the retail chart, forecasts the prices of selected items. Despite widespread concern over living costs, this chart offers some reassurance, predicting stable or declining retail prices.

To address these financial challenges, one proposed solution that I have made is the creation of a "Community Resource Exchange" platform. This initiative would allow community members to exchange goods, services, and skills without monetary transactions, fostering a supportive and resource-efficient community network.