Singapore workers: More spenders than savers

Singapore workers: More spenders than savers

SINGAPORE - Customer proposition associate Jonathan Jie is a good role model for thriftiness.

The 25-year-old, who works in the retail banking and wealth management department of HSBC, takes home $2,000 to $3,000 a month, but manages to save close to half of his salary.

The bachelor, who is living with his parents who are still working, said: "I don't see a rush to get married, especially with the increased cost of living. I hope to become more financially stable before I settle down."

He said he spends more of his money on food and taking public transport to and from work.

He added that he spends only $200 to $300 a month on entertainment, such as going to pubs and watching movies with friends and colleagues.

He is among a minority group of working adults who regularly save more than one fifth of their monthly income.

According to an online survey conducted from September to October last year by Jobs Central, less than 40 per cent of Singapore workers regularly save over 20 per cent of their monthly income.

Alarmingly, it was reported that about 55.5 per cent of workers save less than 20 per cent of their monthly income, while another 5.2 per cent do not save at all.

A total of 3,299 respondents across different levels of occupation and industries took part in the survey. For the survey, 20 per cent was set as the benchmark of good savings habits.

The majority of workers spend the bulk of their salary on necessities like food and transport, and on allowances for parents or children.

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