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.)

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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!

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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. 

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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! 

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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. 

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​​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!

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How to Get Insurance in Singapore With a Pre-Existing Medical Condition

insurance for pre-existing conditions singapore

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 you and your family’s finances. Secondly, even if only minor illnesses come up, they’ll still affect the chances of you getting approved for insurance in the future. 

Perhaps no one has told you that before. If you find yourself in that situation, what are your options? 

Although we can’t reverse time, here are some things you can do if you want to get insurance with a pre-existing medical condition.

So, read on! 

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What Is SDIC Insurance in Singapore (& Why Should It Matter)?

sdic singapore

You may have seen this phrase: “protected up to specified limits by SDIC” in product brochures and advertisements by financial institutions.

What exactly are you insured for and how much is the limit?

In this article, we cover all that and took a deeper look into SDIC in Singapore and the schemes it administers.

So, read on!

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School Fees in Singapore: The Cost of Education for Your Child (2021)

school fees in singapore

Benjamin Franklin once said, “Investment in knowledge pays the best interest”. Although Benjamin Franklin lived in the 18th century, his words are still relevant today.

However, the total cost of investing in knowledge would look quite different in the 21st century.

How much should a parent expect to pay for one child’s education journey from preschool all the way to university?

We take a closer look at the true cost of education in Singapore in 2021, for both public (government schools, unless otherwise stated) and private schools (including international schools).

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Investing in Bonds (Singapore): How Are They as Investments?

bonds investment singapore

More people are seeing the wisdom of investing early to grow their wealth.

As one of the more common types of financial instruments in the market, bonds are something that everyone should definitely seek to understand before deciding which tool to invest in.

In this article, you’ll get to understand how bonds work and what are the different types of bonds out there in the market.

So, read on!

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