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Saving statistics 2023
An estimated 1.27 million Singaporean adults could live off their savings for only a month or less.
Most financial advisers will recommend having at least a few months’ worth of expenses tucked away in savings for a rainy day. However, rising cost of living pressures means it’s much harder for people to save than it has been previously. So exactly how comfortable are Singaporeans with their level of savings? Let’s find out.
Many Singaporeans don’t have enough savings to cover them for a month
- A quarter (25%) of Singaporean adults don’t have enough in their savings to pay for their expenses for more than a month. Shockingly, this includes 8% who could only get by for 2 weeks or less.
- 17% say they can live off their savings for 2–3 months with an additional 15% feeling comfortable that their savings could see them through 4–6 months.
- The good news is that 15% are covered from 6 months to a year while a whopping 29% say they could live off their savings for more than a year.
Women less comfortable with their savings than men
- Unfortunately 1 in 10 women (10%) say they could only survive 2 weeks or less on their savings, compared to 6% of men.
- While 1 in 5 men could live for a maximum of a month on their savings, the percentage shoots up to nearly a third of women.
- Nearly half of all men polled (48%) feel comfortable enough to say their savings would last more than 6 months, with 38% of women saying the same.
Young adults most vulnerable to financial shocks
- A third (34%) of those aged 18–24 could only live off their savings for a month or less, making them the most vulnerable age group. However, perhaps surprisingly those 35–44 and 55+ weren’t far behind with 29% and 28% in the same boat.
- Around a third of 25- to 34-year olds, 45- to 54-year-olds and those 55+ said they could survive on their savings for more than a year. This is compared to 19% of young adults.
- Finder’s Consumer Sentiment Survey, a quarterly survey of 1,000 Singaporean adults. The latest survey was conducted in January.
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