Living without money: Nearly half of Singaporean households subsisting from paycheck to pay check
Quoted:
"Savings rates are way too low across the island."
"Here’s an uncomfortable truth about Singaporean households: a report by CLSA revealed that almost half of households across the islands are saving less than 10% of their monthly incomes, leaving them unable to cope with unexpected financial expenses."
The report revealed that 30% of Singaporean households save less than 10% of their incomes, while an alarming 14% have no savings at all.
Majority of elderly respondents are not saving money during their retirement, as most are focused on enjoying their money during this period. However, a high proportion of residents in their 30s and 40s are also unable to save.
Unsurprisingly, 73% of low-income households are saving less than 10% of their monthly income. However, an unexpected 37% of ......
