Jump in S'poreans aged 40-59 seeking loans to cope with cost-of-living pressures: Report
- The share of loan applications by middle-aged Singaporeans, aged 40 to 59, jumped nearly a third over the past two years
- This is according to a report issued by loan matching platform Lendela on Aug 8
- The report found that the most common reasons for borrowing are associated with living costs and debt — such as recurring bills, debt consolidation, and credit cards
SINGAPORE — Over the past two years, a sharply higher proportion of middle-aged people here have sought loans to deal with cost-of-living pressures like household spending, medical expenses and credit card debt.
The trend was identified in data provided by loan matching platform Lendela, which matches people seeking loans with various bank and licensed non-bank lenders in Singapore.
According to a report issued on Aug 8, the share of loan applications from the middle-aged population (40 to 59 years old) has risen by as much as 28 per cent in the last two years. The average loan size for this group was S$22,000.
This group accounts for about one-third of loan applications today.
Young borrowers aged 18 to 29 account for over a quarter of applications to date, though their share of applications fell as much as 25 per cent since 2022.
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While it did not provide absolute figures, citing commercial sensitivities, a Lendela spokesperson said that its figures were based on close to 200,000 applications from Singaporeans and permanent residents that the platform gathered from 2022 to 2024.