April 17, 2026
By Our Correspondent
Singaporeans in the sandwich class are turning to investing to build financial resilience, with crypto playing a growing role in a broader portfolio strategy, according to findings from the 6th edition of the annual cryptocurrency study by Independent Reserve (IR).
Skewed towards Older Millennials and Gen X aged 35 to 54 years, these middle-income households are typically caught between rising cost-of-living pressures and balancing the competing demands of supporting ageing parents and raising children. For this group, financial success is less about eliminating liabilities and more about building resilience to support dependents and long-term goals.
Half (50%) view investing as their primary route to financial success, higher than 37% of the broader population.
- 21% prioritise multiple income streams versus 12% of respondents.
- One in five (21%) defines financial success as maintaining their standard of living in any economic climate.
- Just 19% of sandwich class respondents identified traditional career progression as their preferred route to financial success.
- Only 12% in the sandwich class say that being ‘debt-free’ represents financial success, compared to 24% of overall respondents.
- The sandwich class are taking a more active role in managing their portfolios and utilising multiple asset classes: stocks, bonds, ETFs, REITs, derivatives and cryptocurrency.
- Their investment decisions are guided by a focus on predictable income (73%), diversification (62%), and alignment with risk appetite (54%).
Mr Lasanka Perera, CEO, Independent Reserve Singapore, said, “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.”
“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,” he added.
Where crypto fits in the portfolio
Facing greater financial pressure, the sandwich class is not approaching crypto as a speculative side bet. Instead, crypto is treated as part of a broader investment strategy. They are more committed to the asset class, allocating more deliberately, investing with greater discipline, and taking a more active role in managing their portfolios. With most already experienced in the asset class, participation is not only higher but also more intentional.
| How they invest | 42% hold crypto, compared with 32% of the entire cohort.More active in the market: around 65% have sold crypto in the past 12 months (vs 44% overall), and 66% have made money doing so. |
| Crypto allocation in their portfolio | 35% allocate less than 10% of their portfolio to crypto, compared to 50% for the population. |
| Their time in market | Nearly half, or 48% have held crypto for 3 to 5 years, 33% have held it for 1 to 2 years.Just 10% are new entrants with less than one year of ownership. |
| Their monthly allocation | Monthly allocations remain relatively modest, where 33% invest S$501 to S$1,000 monthly.However, they buy crypto on a more regular basis: 49% invest in crypto on a dollar-cost-average[2] basis, compared to 29% overall. |
| What they buy | Bitcoin (80%) and Ethereum (56%) remain the core of their crypto portfolios. |
| Their sentiment and behaviour | More likely to view crypto as important to long-term wealth building, at 77% versus 59% of overall respondents.More likely to believe crypto can outperform traditional assets, at 28% versus 17%.One in three (33%) intend to buy in the next 12 months, versus 19%. |
| What drives their trust in crypto | 54% say clarity around government regulation.50% look for price stability.48% want responsible behaviour from crypto companies – signalling demand for structure and accountability. |
At the same time, practical factors matter to the sandwich class. Ease of use (45%) and education (42%) highlight the need for better user experience and understanding, while real-world adoption by businesses (42%) reinforces the importance of utility. In all, sandwich class are a more mature user profile, where crypto is not just an investment but part of a broader financial system.
Mr Perera concluded: “What we’re seeing from the sandwich class challenges the perception that crypto is a speculative asset. They are allocating, managing and staying invested over time, and importantly, seeing results.
“Singapore already offers one of the most structured regulatory environments for digital assets in the region. The combination of strong regulation and informed, disciplined investors points to a growing recognition of crypto as a legitimate component of a diversified investment strategy.”
