Check how you fare against your peers when it comes to your level of financial wellness. More people want more comfortable retirement lifestyles, but are grossly underestimating what it will cost to get them there. One-third of Singaporeans are having trouble paying their home loans, while almost 40% of Millennials are only paying the minimum sum on their credit cards. If you fall into any of these groups, you need to get out…fast.

OCBC released their 2020 Financial Wellness Index last month, which seeks to uncover gaps in Singaporeans’ financial well-being. While reading the report, several results stood out to me – some good, some bad. The good news is,

Half of Singaporeans have passive income

This was a surprise to see, but an encouraging result.

Dividends from stocks contributed to the bulk of passive income for most, while others had sources from interest earnings and rental.

Naturally, passive income took a hit this year due to the COVID-19 economic crisis that