More Singaporeans live on the salary salary

Singapore’s reputation for financial wisdom and high savings shows signs of stress.

Experts note that the increasing costs and the increasing priority of experiences and self -care for them is the priority of financial planning in the long term.

“At the end of every month, when my salary is, I use it to pay my credit bills, parents insurance, insurance and investments,” said Jovan Yio, 32, who works for a digital services services company.

“After all this, my salary returned to scratch again, with no much thing to save him,” he said, adding that other expenditures go to travel and eat abroad and membership of the fitness category.

60 % of Singapore workers lived in salaries in 2024-especially than their regional peers including China, South Korea, Japan and Indonesia, and above the average Asia and the Pacific of 48 %, Another research was found in 2025 from ADP salary company.

Although this is the first time that the ADP research, which wiped nearly 38,000 people in 34 markets, this scale is the specified salary, as other reports draw a similar image. A reconnaissance Forrester Research, which was conducted by Forrester Research Consulting for Global Research, found that in 2021, the percentage of Singaporean consumers who lived the salary check to the salary was 53 % less.

Moreover, while young Singaporean in their twenties are more likely than other age groups to spend outside their capabilities in order to keep pace with their peers, fewer Singaporeans between the twenties and fifties of the last century began to develop financial plans to retire compared to 2023, The latest financial wellness report has been published In late 2024 he showed.

Yeo admitted the importance of savings, but he told CNBC that it was a growing achievement to provide the growing costs of living in the country.

“I can save if I don’t go out, but I want to suffer from life and experience life too!”

Brian Lee Economist at Maybank Research indicated that some total economic factors have made savings in Singapore more difficult. Although inflation in Singapore has recently been cooled to the lowest level, the country still has one of the highest costs of living, according to multiple survey studies, due to structural factors such as expensive housing and import costs.

according to Numbeo cost of living indicatorsWhich collects collective data through grocery stores, facilities and transportation prices, among other indicators, the living cost index in Singapore came in fifth place in the world at 85.3 as of mid -2015, but first in the region. Reading was also a 11 % jump on an annual basis.

to survey Posted in April by Yougov Data Analysis Company I found that the cost of living was the highest concern for 72 % of 1,845 Singaporean surveyed, followed by health care and increasing population challenges.

“The expenses of living increased faster than income during the match after the tutelage, because the high consumer prices are enlarged,” he told me.

The average real recruitment income decreased by 0.4 % annually between 2019 and 2024, reflecting the average annual growth of 2.2 % seen from 2014 to 2019, according to data from Maybank.

While real wage growth recovered in 2024, it is It is expected to be moderate in 2025 As a result of the tariff influence, especially for sectors that depend on trade Wholesale and manufacturing tradeThe country’s Ministry of Manpower said.

He added that the housing costs have doubled the pressure. Prices of public apartments in Singapore – which is home Almost 80 % of the population – 9.6 % rose in 2024Faster than 4.9 % in 2023Data from the country’s housing development council showed.

“Singapore has limited land, area and natural resources. This translates into high real estate prices, high car prices, and relying on imported foods,” said the economist in Maybank. He added: “Because of our dependence on imports, our local inflation is largely linked to global inflation, which was high due to the disturbances of the epidemic associated with increasing demand for goods, lack of employment and supply chain obstacles.”

Cars are much more expensive in Singapore due to the entitlement system certificate, which requires buyers to provide bids to obtain a limited permit just for having a vehicle. COE alone, which was presented to the management of road congestion, can It costs more than 100,000 Singapore’s dollars, sometimes the price of the car itself exceeds.

Lim said: “With regard to spending 100 %, or those who do not really like to save, this is also because they spend what they have not received so far,” noting that the purchase now, subsequent plans facilitate Singaporeans to adhere to future spending before getting money. According to the Central Bank in Singapore, BNPL transactions have arrived 440 million Singaporean dollars in 2021almost Four times an increase From 2020, the IDC research company expects BNPL payments in e -commerce transactions in Singapore to increase 4 % in 2023 6 % by 2028.

Lim says that this transformation is part of the broader “debt community”, where immediate gratification and lifestyle indicate a long -term financial wisdom, compared to the previous Singaporean generation.

Lim also stated that most of his customers who live on the salary salary are largely medium income, who make up from 60 % to 70 % of his customers looking for consultations on how to provide more. High income people make up 20 % of his customer base, while those in the low income slice make up less than 10 %.

Singaporean salaries at home are less than their full salary Combutable Central Savings Fund Contributions (CPF). Each month, part of their salary – up to 20 % for employees under the age of 55 – is deducted for retirement, housing and health deaths.

While Singaporeans can withdraw only $ 5,000 or more CPF savings once they reach 55 years, they can benefit from these savings to pay housing costs and some medical costs at any age.

Ang said: “It is not difficult to save. I have set aside some of my parents, so if I want it, I can only allocate another set of money for savings,” Ang said.

“But I don’t think I need to do this at this time stage,” I laughed.