[h=1]NEARLY HALF OF SINGAPOREAN HOUSEHOLDS SUBSISTING FROM PAYCHECK TO PAYCHECK[/h]
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2 Oct 2014 - 9:02pm
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Donch complain. You Voted for This! *hee*hee*
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 elederly 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.
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Unsurprisingly, 73% of low-income households are saving less than 10% of their monthly income. However, an unexpected 37% of the top-income bracket is essentially spending everything they earn.
“In our view, as a result of the low savings rate, the high proportion of total wealth in non-liquid assets (eg property, CPF, insurance) and high optimism about future earnings potential, 47% of households do not have enough funds readily available to cope with unexpected financial expense,” stated CLSA.
Source: Singapore Business Review
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2 Oct 2014 - 9:02pm
<ins id="aswift_0_expand" style="margin: 0px; padding: 0px; border: currentColor; width: 336px; height: 280px; display: inline-table; visibility: visible; position: relative; background-color: transparent; border-image: none;"><ins id="aswift_0_anchor" style="margin: 0px; padding: 0px; border: currentColor; width: 336px; height: 280px; display: block; visibility: visible; position: relative; background-color: transparent; border-image: none;"><iframe name="aswift_0" width="336" height="280" id="aswift_0" frameBorder="0" marginWidth="0" marginHeight="0" scrolling="no" vspace="0" hspace="0" allowfullscreen="true" style="left: 0px; top: 0px; position: absolute;" allowTransparency="true"></iframe></ins>
</ins>
Donch complain. You Voted for This! *hee*hee*
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 elederly 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.
<ins id="aswift_1_expand" style="margin: 0px; padding: 0px; border: currentColor; width: 336px; height: 280px; display: inline-table; visibility: visible; position: relative; background-color: transparent; border-image: none;"><ins id="aswift_1_anchor" style="margin: 0px; padding: 0px; border: currentColor; width: 336px; height: 280px; display: block; visibility: visible; position: relative; background-color: transparent; border-image: none;"><iframe name="aswift_1" width="336" height="280" id="aswift_1" frameBorder="0" marginWidth="0" marginHeight="0" scrolling="no" vspace="0" hspace="0" allowfullscreen="true" style="left: 0px; top: 0px; position: absolute;" allowTransparency="true"></iframe></ins></ins>
Unsurprisingly, 73% of low-income households are saving less than 10% of their monthly income. However, an unexpected 37% of the top-income bracket is essentially spending everything they earn.
“In our view, as a result of the low savings rate, the high proportion of total wealth in non-liquid assets (eg property, CPF, insurance) and high optimism about future earnings potential, 47% of households do not have enough funds readily available to cope with unexpected financial expense,” stated CLSA.
Source: Singapore Business Review