Independent Reserve has published the sixth edition of its Singapore cryptocurrency survey, which highlights stronger crypto participation among middle-income residents in the country's so-called sandwich class.
The study found that 50% of sandwich class respondents see investing as their main route to financial success, compared with 37% of the wider population. It also found that 21% prioritise building multiple income streams, versus 12% of all respondents.
In the research, the sandwich class is concentrated among Older Millennials and Gen X residents aged 35 to 54. These households are described as balancing higher living costs with the financial demands of supporting both children and ageing parents.
For this group, financial success appears to be defined less by clearing debt and more by maintaining stability and building resilience. One in five respondents in the segment said financial success means maintaining their standard of living in any economic climate. In contrast, only 12% said being debt-free was their benchmark, compared with 24% across the full sample.
Investment shift
The report points to a broader shift in how these households manage money. Rather than relying on career progression alone, many are turning to portfolios that combine traditional and alternative assets.
Just 19% of sandwich class respondents said traditional career progression was their preferred route to financial success. The research also found that they are taking a more active role in managing investments across stocks, bonds, exchange-traded funds, real estate investment trusts, derivatives and cryptocurrency.
When asked what shapes their decisions, 73% cited predictable income, 62% pointed to diversification, and 54% said investments should match their risk appetite. This suggests crypto is being considered as one part of a broader strategy rather than a standalone bet.
Most sandwich class participants already have experience with crypto, according to the survey. The findings suggest engagement with the asset class is becoming more deliberate, with investors allocating funds more intentionally and taking a more disciplined approach.
Market context
Crypto ownership and trading in Singapore have come under greater scrutiny in recent years as regulators have tightened rules on advertising, consumer access, and service standards. At the same time, digital assets remain part of the investment conversation among retail investors seeking returns beyond conventional savings and property markets.
Against that backdrop, the report suggests middle-income households are not abandoning traditional instruments but combining them with newer asset classes. The inclusion of crypto alongside bonds, ETFs and REITs indicates that some investors now view it as part of portfolio construction rather than a fringe trade.
Around 1,500 Singapore residents took part in the survey, which was conducted in partnership with Milieu Insight Market Research and designed to reflect the national population. Independent Reserve describes it as an annual measure of sentiment in Singapore's blockchain and cryptocurrency sector.
Lasanka Perera, Chief Executive Officer of Independent Reserve Singapore, said the findings reflect a broader financial reality facing many households. "The sandwich class story is one that resonates across Singapore. These are people doing everything right. They work hard, support their families and plan ahead, but they know that the usual path is no longer enough. Instead, they are actively looking to put their money to work through investing to grow their wealth over time," he said.
He added that the survey showed a considered approach to portfolio building.
"What stands out is how purposeful their approach is. They have clear financial goals and are pragmatic about how they get there, building portfolios that span traditional and alternative assets, including crypto," Perera said.