11+ Education Cost Statistics in Singapore (2023)

education cost statistics in singapore

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).

Read more

Average House Price in Singapore: HDB, Condo & Landed (2023)

average house price singapore

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 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).

Read more

The Salaries of Singapore’s President, Ministers & MPs (2023)

salaries of singapore president ministers mps

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 salary framework review, 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 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).

Read more

13+ Million-Dollar HDB Resale Flats Statistics (2023)

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 these homes, the types of flats (4-room, 5-room, etc) sold, and more.

Read more

Average (Median) Household Income in Singapore [2023]

average household income singapore

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 distribution in Singapore. 

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

(All figures are quoted in Singapore dollars unless otherwise stated; an exchange rate of US$1 to S$1.35 was used for any conversions.)

Read more

Cash Management Accounts in Singapore [2023 Guide]

cash management accounts singapore

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!

Read more

7 Financial Literacy Statistics in Singapore: Survey Findings (2023)

financial literacy statistics singapore

The cost of living in Singapore has been rising. 

In fact, in 2022, the headline (or overall) inflation rose to 6.1% year-on-year. 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. 

Read more

Average Median Income/Salary in Singapore by Age, Etc [2023]

average income salary singapore

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

In Singapore, despite it being a small country, there are already 298,650 millionaires in the population. 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 set out to find 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! 

Read more

Interest Rates of CPF Accounts (& How to Get Extra Interest)

cpf interest rates singapore

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. 

Read more

​​CPF Contribution & Allocation Rates in 2022: A Simple Explanation

cpf contribution and allocation rates singapore

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 what CPF can offer will absolutely improve your financial health. 

Today, let’s take things slow and just look at CPF contribution and allocation rates. 

So, read on!

Read more