Have you noticed more of your friends and colleagues talking about topping up their SRS account each December?
The numbers back up that impression. The Supplementary Retirement Scheme (SRS) has quietly become one of the fastest-growing parts of retirement saving in Singapore, and the official data behind it is rarely laid out in full.
The Ministry of Finance publishes cumulative SRS statistics every year, but only as a raw PDF table. In this article, we turn 25 years of that data into something you can actually read, and add our own analysis of what it means for your retirement planning.
Note: All figures are in Singapore dollars (SGD). This page is updated regularly as new data is released.
Key SRS Statistics at a Glance (2026)
All figures below are from MOF’s cumulative SRS statistics as at December 2025, with SmartWealth’s computations indicated.
- There were 516,376 SRS account holders in Singapore as at December 2025, the first time the scheme has crossed half a million accounts
- Total SRS contributions reached $23.88 billion by December 2025, up 16.0% from a year earlier, the largest one-year dollar increase on record
- SmartWealth’s analysis of the MOF data shows about $5.0 billion of SRS money (21% of the portfolio) was sitting in cash as at December 2025, earning close to no interest
- The number of SRS account holders has more than doubled in five years, from 221,849 in December 2020 to 516,376 in December 2025
- 26% of SRS account holders were aged 18 to 35 as at December 2025, up from just 11% in 2010
- 80% of SRS account holders are Singaporeans, 14% are PRs, and 6% are foreigners
- Around 90% of SRS contributors have an assessable income above $80,000, based on the last MOF disclosure
SIDE NOTE
A policy bought years ago. Savings in three places. A will that's still on the to-do list.
None of it is wrong. It's just not a plan yet.
There's an order that turns the pieces into one system, and it doesn't require becoming a finance expert. Here's the order, in 7 steps, so you know what to sort out first.
SRS Account Holders Crossed Half a Million for the First Time
There were 516,376 SRS account holders in Singapore as at December 2025, up 10.6% from 466,849 a year earlier.
To put that in perspective, the scheme started with just 11,890 account holders in December 2001. Membership has grown every single year since, at a compound annual growth rate of 17.0% over 24 years.
| As at December | SRS Account Holders | Total Contributions Since 2001 |
|---|---|---|
| 2025 | 516,376 | $23.88 billion |
| 2024 | 466,849 | $20.58 billion |
| 2023 | 427,188 | $18.43 billion |
| 2022 | 387,377 | $16.33 billion |
| 2021 | 288,793 | $14.36 billion |
| 2020 | 221,849 | $12.23 billion |
| 2019 | 185,489 | $10.68 billion |
| 2018 | 156,820 | $9.18 billion |
| 2017 | 140,695 | $8.15 billion |
| 2016 | 127,753 | $7.02 billion |
| 2015 | 116,466 | $5.97 billion |
| 2010 | 63,984 | $2.49 billion |
| 2005 | 31,413 | $0.95 billion |
| 2001 | 11,890 | $0.16 billion |
The most dramatic growth came recently. Account numbers jumped 30.2% in 2021 and another 34.1% in 2022, the two biggest annual increases in two decades.
In my opinion, a few things drove this surge. Interest rates rose sharply from 2022, which made Treasury bills and Singapore Government Securities attractive, and SRS funds can be invested in both. Robo-advisory platforms made investing SRS money far easier than before. And awareness of the tax relief spread, helped by the personal finance community online.
Whatever the exact mix, SRS is no longer a niche scheme.
Total SRS Contributions Reached $23.88 Billion
Singaporeans and residents had contributed a total of $23.88 billion to SRS accounts by December 2025, based on MOF’s published figures.
That is an increase of $3.30 billion (16.0%) in a single year, the largest one-year dollar jump since the scheme began in 2001.
The 10-year picture is even bigger. Total contributions stood at $5.97 billion in December 2015, so the pool has quadrupled since then.
One thing to keep in mind: this figure measures cumulative contributions, not current balances. It does not capture investment gains or losses, and it is not reduced by withdrawals. Actual assets held in SRS accounts will differ.
For a refresher on how the scheme works, including the annual contribution caps of $15,300 for Singaporeans and PRs and $35,700 for foreigners, see our guide to what the SRS is and how it works.
About $5 Billion of SRS Money Is Sitting in Cash
SmartWealth’s analysis of MOF’s December 2025 data shows that roughly $5.0 billion of SRS money was held as idle cash, based on the 21% cash balance reported across $23.88 billion in cumulative contributions.
That works out to roughly $9,700 of idle cash per account holder (SmartWealth’s computation).
Cash left in an SRS account earns almost nothing, typically around 0.05% a year at the three agent banks.
This is the most costly mistake the data reveals. The tax relief on an SRS contribution is only half the benefit. Money that sits in the account uninvested loses purchasing power to inflation year after year, potentially for decades until the withdrawal window opens.
The longer trend is encouraging: the cash share is well below the 34% recorded in 2014. But the latest data shows it moving the wrong way, rising from 19% in December 2024 to 21% in December 2025. One dollar in five is still not at work. If yours is among them, our guide to the best SRS investment options covers the alternatives.
What Is the Average SRS Account Balance?
MOF does not publish average SRS balances, but dividing total contributions by the number of accounts gives about $46,000 per account holder as at December 2025 (SmartWealth’s computation). Actual balances will vary with each member’s investment returns and withdrawals.
This average has been falling, not rising. In December 2020 it stood at around $55,000.
That is not because people are contributing less. Accounts opened since 2020 have simply had fewer years to accumulate contributions, and as the next section shows, their owners are also younger.
QUICK CHECK
Can you answer these three questions?
1) If something happened to you tomorrow, how much would your family receive?
2) At 65, what monthly income will your savings and investments pay you?
3) If you never get round to a will, who inherits what, and in what proportion?
Most people manage one at best. Not because they're careless, but because nobody has shown them which order to tackle things in.
That order exists. Work through your finances in this sequence, from income and protection through to investments and estate planning.
Shares, REITs and ETFs Are the Largest SRS Investment Category
As at December 2025, shares, REITs and ETFs made up 24% of the SRS investment portfolio, the largest single category.
| Asset Category | Dec 2025 | Dec 2020 | Dec 2015 |
|---|---|---|---|
| Shares, REITs, ETFs | 24% | 29% | 28% |
| Others (incl. government and corporate bonds, fund management) | 23% | 8% | 8% |
| Cash balance | 21% | 26% | 32% |
| Insurance | 20% | 26% | 22% |
| Unit trusts | 11% | 11% | 9% |
| SGD fixed deposits | 0% | 1% | 1% |
Two shifts stand out in the 10-year comparison.
First, the “Others” category, which includes Singapore Government Securities such as T-bills as well as corporate bonds and fund management, nearly tripled from 8% in December 2020 to 23% by December 2024, and held that share in 2025. The climb tracks the T-bill boom that began when interest rates rose in 2022: 16% by December 2022, 21% a year later, then 23%.
Second, insurance has been losing share for two decades. Insurance products held 41% of SRS money back in December 2004, but only 20% by December 2025. Insurance still has a legitimate place in an SRS portfolio, particularly annuity plans that convert SRS savings into retirement income, but members are diversifying beyond it.
1 in 4 SRS Account Holders Is Now Under 36
Members aged 18 to 35 made up 26% of all SRS account holders as at December 2025, compared with just 11% in December 2010.
| Age Group | Dec 2025 | Dec 2020 | Dec 2015 |
|---|---|---|---|
| 18 to 35 | 26% | 19% | 11% |
| 36 to 45 | 29% | 28% | 30% |
| 46 to 55 | 25% | 29% | 33% |
| 56 to 61 | 10% | 13% | 16% |
| 62 and above | 10% | 12% | 10% |
The youngest age band actually peaked at 31% in December 2022, at the height of the account-opening surge, before easing to 26%.
The profile of who uses the scheme has changed a great deal. A decade ago, most SRS members were in their late 40s and 50s, topping up in the final years before retirement. Today, more than half of all account holders are below 46.
Younger members also have a practical reason to start early. The penalty-free withdrawal age for SRS is locked at the statutory retirement age prevailing when you make your first contribution. With the retirement age in Singapore having risen from 63 to 64 on 1 July 2026, and a further rise to 65 planned by 2030, opening an account early, even with $1, locks in the current age before it climbs again.
80% of SRS Account Holders Are Singaporeans
Singaporeans made up 80% of SRS account holders as at December 2025, with PRs at 14% and foreigners at 6%.
The foreigner share has tripled from 2% in the early 2000s. That makes sense. Foreigners are not covered by CPF, so SRS is their main way to save for retirement with tax benefits in Singapore, and their contribution cap of $35,700 is more than double the local cap. We cover the details in our guide to SRS for foreigners.
90% of SRS Contributors Earn More Than $80,000
Around 90% of members who contributed in a given year had an assessable income above $80,000, according to a 2019 parliamentary disclosure by the Minister for Finance. Their average contribution was about $14,000 a year.
The same disclosure revealed two other useful facts. Only about 60% of account holders actually contribute in any given year. And the 10% of contributors earning below $80,000 contributed about $9,000 a year on average, against an average marginal tax rate of just 3.2%.
This is the clearest evidence in the data that SRS works best as a tax tool for higher earners. At a marginal rate of 15% or more, a $15,300 contribution can save over $2,000 in tax in a single year. At a 3.2% marginal rate, the same contribution saves under $500 while locking the money up until retirement age.
If you are weighing SRS against other reliefs, our guide on how to reduce income tax in Singapore puts the scheme in context alongside CPF top-ups and other options.
What These Statistics Mean for Your Retirement Planning
The data shows a scheme that is growing fast and getting younger, with members investing more sensibly than a decade ago. Two gaps remain worth acting on.
The first is the $5 billion in idle cash. If you have contributed for the tax relief but never invested the money, you are only getting half the benefit.
The second is timing. Because your penalty-free withdrawal age is fixed by the statutory retirement age at your first contribution, every year you delay opening an account risks locking you into a later age. The rise to 64 in July 2026 will not be the last.
In my opinion, SRS deserves a place in most higher earners’ plans, but rarely as the starting point. CPF top-ups, insurance protection, and investments you can access before retirement all interact with SRS decisions, and the right order depends on your income, age, and goals. Think of SRS as one part of retirement planning in Singapore, not the whole plan.
If you would like help working out where SRS fits in your own plan, consider a comprehensive financial planning session.
Methodology
All primary data in this article comes from the Ministry of Finance’s cumulative SRS statistics as at December 2025, published on the MOF website as a PDF. Figures cover the scheme from its inception in December 2001. Pre-2011 statistics only capture members aged 21 and above, as the scheme was extended to younger members in 2011. Portfolio, age, and nationality percentages may not add up to 100% due to rounding.
Total contributions are cumulative gross contributions since 2001. They do not reflect investment gains or losses, and are not reduced by withdrawals, so they should not be read as current account balances.
The following are SmartWealth’s own computations from the MOF data: the $5.0 billion cash estimate (21% of $23.88 billion), the roughly $9,700 of idle cash per account holder ($5.0 billion divided by 516,376 accounts), the average contribution per account (total contributions divided by account holders), and all growth rates. The cash estimates apply MOF’s portfolio composition percentages to cumulative contributions, so they are approximations rather than exact holdings. Income and contribution-frequency figures are from a January 2019 parliamentary reply by the Minister for Finance and may not reflect current patterns, as MOF has not published a more recent breakdown.
Scheme rules (contribution caps, withdrawal age lock-in, tax treatment) are as published by MOF and IRAS as at July 2026.
BEFORE YOU GO
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