Statistics concerning households are indispensable when it comes to understanding the way people in Singapore live. Most young Singaporeans live with their parents well into adulthood or until marriage, which makes it particularly easy to draw accurate conclusions from household data. That could be one reason the government collects such extensive data on households. In this article, we go over some notable statistics about households and housing in Singapore. If you want to know the average household income in Singapore, click here instead. Note: All figures are in Singapore dollars (SGD). C ..read more

Singapore’s education system is taken very seriously, and for good reason. The island nation suffers from a lack of natural resources and thus relies heavily on human capital, seen as one of the keys to its strong economy and high Gross Domestic Product (GDP). Education in Singapore can be expensive but is seen as necessary. While Singapore citizens pay heavily subsidised prices, the costs are significantly higher for foreign and international students. Let’s look at the notable statistics on the cost of education in Singapore. Note: All figures are in Singapore dollars (SGD). Contents Top ..read more

Home is where the heart is, but cost is still a major consideration when purchasing one in Singapore. Singaporeans have two main types of housing to choose from — public housing, most commonly referred to as Housing Development Board (HDB) flats, and private property. Most condos and landed houses are forms of private property. As the cost of living continues to soar on the back of inflationary pressure, property prices are on the rise, too. So far, 208 HDB flats have been resold for over $1 million in 2023, which looks set to be another record-breaking year. When it comes to private ..read more

The salaries of Singapore’s political office holders are known to be high – much higher than the median income of Singaporeans, which stands at $5,070 per month. With the upcoming presidential election and salary framework review in 2023, salaries of political appointment holders will be put under a microscope once again.  In the latest review in 2017, an independent committee concluded that the framework was still relevant and sound, and made a recommendation to increase annual salaries to match benchmark movements. However, as the economy was still in transition, the government decided ..read more

In Singapore, HDB flats are public housing. They are meant to be affordable and for the masses since over 80% of the resident population lives in properties built by the HDB (Housing & Development Board).  Are they as affordable now as they were intended to be?  The first ever transaction of an HDB flat being sold for at least $1 million was in 2012. Since then, records have been continuously broken. In this report, we look at trends and statistics on million-dollar HDB resale flats in Singapore, including how many were transacted in 2023 and over the past years, locations of the ..read more

We have previously written about the average income/salary in Singapore, breaking it down by age, sex, education, occupation, and industry. In light of inflation and a rising cost of living putting pressure on both single and dual-income households in recent months, we shall likewise explore what household income is, its significance, as well as the average and median household income in Singapore. Moreover, with income arguably the most vital element in financial planning, permitting you to spend and save for the future, we investigate income trends over the years and the income distribu ..read more

Savings accounts have been the conventional route for many Singaporeans to store hard-earned money. You may also have tried to use a high-yield savings account to earn eligible bonus interest rates. With rising inflation, you may realise that such accounts are unable to help you achieve your saving or investment goals. This is when cash management accounts or cash management solutions come in handy. Read on to find out more about them! What Is a Cash Management Account? Simply put, a cash management account in Singapore is usually provided by non-bank financial institutions, such as investment ..read more

All Singapore citizens or permanent residents (PRs) who are earning an income here must familiarise themselves with the Central Provident Fund (CPF).  This is because many aspects of financial planning revolve around it.  Knowing the interest rates you’re getting on your CPF balances and how they’re calculated are crucial because the interests will be compounded over many decades, resulting in a significant sum when you enter your golden years.  So, today we’ll take a deeper look at CPF interest rates and the best ways to maximise your returns.  4 Types of CPF Accounts (&am ..read more

Financial planning becomes essential once you enter the workforce.  An integral part of it all is the Central Provident Fund (CPF).  Although CPF draws flak for being “forced savings”, its use is undeniable. For example, part of your CPF savings can be used as a downpayment for your property or to repay your mortgage loan. Without this savings scheme, how many people are able to buy a house when the time comes?  Contributing to your CPF also comes with multiple benefits, especially towards saving for your retirement. This is why understanding and being able to utilise all of wha ..read more

Insurance is always best bought when you’re young, as the chances of you having a clean bill of health are much higher, and you’re thereby able to receive the full extent of insurance coverage.  However, some groups of people would say that insurance isn’t urgent and they can always buy it at a later age. Indeed, statistics have shown that the probability of getting a critical illness or death is greater at older ages.  But there are two things to take note of.  Firstly, such uneventful events can still happen at earlier ages, and they often have a far greater negative impact on ..read more