A confounding factor here is that savings behavior is cultural rooted: https://pmc.ncbi.nlm.nih.gov/articles/PMC6135367/. Studies show that people within a country can have substantially different savings behaviors, robustly correlated with their origin countries, even among people who are third generation immigrants. It’s a mistake to treat either the U.S. or Singapore as homogenous populations for purposes of this analysis.

75% of Singaporeans are ethnically Chinese so based on what you are saying it would be worth comparing SG Chinese to Chinese CN on regret since China has a much less robust safety net.

Both sides see declines when hit with economic shocks

We are talking about material impacts, not culture