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Nearly half of singaporean households subsisting from paycheck to paycheck
An honorable member of the Coffee Shop Has Just Posted the Following:
NEARLY HALF OF SINGAPOREAN HOUSEHOLDS SUBSISTING FROM PAYCHECK TO PAYCHECK .node-article .field-name-link-line-above-tags{float: right;}.node-article .field-name-ad-box-in-article {float: left;margin: 15px 15px 10px 0;}.node-article .field-tags{clear: both;} Post date: 2 Oct 2014 - 9:02pm 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. 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 Click here to view the whole thread at www.sammyboy.com. |
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