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).

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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).

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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.

In 2023, 470 HDB flats were resold for over $1 million, which was another record-breaking year. When it comes to private housing, only the cheapest condos are priced at under $1 million.

Let’s have a look at how much it costs to purchase a home in Singapore.

Note: All figures are in Singapore dollars (SGD).

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The salaries of Singapore’s political office holders are known to be high – much higher than the median income of Singaporeans, which stands at $5,197 per month.

A salary framework review was slated to be conducted in end-2023, but has been deferred as the government is dealing with other pressing issues, such as an unresolved geopolitical situation and uncertainties in the global economy.

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 not to make any changes. 

Will we see any changes? Time will tell, but for now, let’s look at the current salaries of Singapore’s president, prime minister, ministers, and members of parliament.

Note: All figures are in Singapore dollars (SGD).

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In Singapore, HDB flats are public housing. They are meant to be affordable and for the masses since 77.8% of Singapore residents live in HDB (Housing & Development Board) flats.

The average cost of housing has been increasing. Are properties 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 these homes, the types of flats (4-room, 5-room, etc) sold, and more.

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We have previously written about the average income/salary in Singapore, breaking it down by age, sex, education, occupation, and industry.

Given the recent months’ inflation and rising cost of living pressures on both single and dual-income households, we will explore household income, its significance, as well as the average and median household income in Singapore.

Moreover, with income arguably the most vital element in financial planning, we investigate income trends over the years and the income distribution in Singapore. 

So, if you wish to compare your household income with others, you should read on!

All figures are in Singapore dollars unless otherwise specified. An exchange rate of US$1 to S$1.35 was used for conversions.

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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!

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The cost of living in Singapore has been rising. 

In fact, in 2023, the headline (or overall) inflation was 4.8%. Furthermore, GST is set to increase from 7.0% to 9.0% between 2022 and 2025.

While Singaporeans do enjoy higher-than-average incomes and generally have higher net worths compared to others, income (and wealth) inequality is still prevalent.

Therefore, no matter your financial standing, knowing how to manage your personal finances has never been more crucial. But, do you even know how to? 

We set out to understand the financial literacy of Singaporeans and whether it has a positive impact on their financial standing. 

We surveyed 1,183 adults aged 18 and above. Here’s what we found, along with other noteworthy statistics. 

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With a higher income, you’re able to create wealth at a faster pace (if you practice proper financial planning). 

Despite its small size, Singapore already boasts 298,650 millionaires. The average mean and median net worth per adult in Singapore is $483,575 and $125,729, respectively.

Does this mean that Singaporeans are earning a high income? What about the average man on the street? Is there income (and wealth) inequality here?

We aimed to determine the average median income or salary in Singapore. And we further break it down by age, sex, education, occupation, and industry. If you want to check out statistics on household income instead, click here.

So, if you wish to compare your income with others and see whether it’s good enough, then you should read on! 

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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. 

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