OCBC did a survey in August of 2182 working adults between 21 and 65. The survey shows that unsecured debt levels have gone up, which means that more Singaporeans have credit card debts, education loans, and renovation loans. This applies to 31% of the respondents, up from 24% in 2021.
People are also facing difficulties in paying off their housing loans because mortgage has increased. More people indicated they would have to sell or downgrade their homes to repay their loans than in 2021.
Worse still, we are looking at rising inflation, higher interest rates, and uncertain markets. No wonder Singaporeans are very stressed, their financial health is not looking good!
The survey also says that Singaporeans are not saving enough (i.e. at least 6 months of their salary). How to save enough when they have so many things to pay for? The cost of living is also increasing faster than salary increase. How to save?!
Can the government do something to help instead of wasting money on fixing the opposition?! Or worse still, spending money to bring foreigners here?!