Singaporeans Are Saving More

Singaporeans Are Saving More

High-income Singaporeans (those earning S$7000 monthly) are saving more.

These Singaporeans, besides saving more, are also investing less with the precipitous decline of the global economy according to a Nielsen Company poll.

The study showed that about four in 10 (39%) Singaporeans were saving more of their hard-earned money before the crisis.

But after the collapse of the economy, about half (52%) are saving most of their funds into savings accounts.

A smaller proportion of Singaporeans from this group are putting their money into investments (-7%) and insurance (-6%).

This survey on Singaporeans saving more was conducted in March 2009 to find out how high-income wage earners dispose cash before and after the global economic crisis.

921 Singaporeans aged 18 years and above and earning more than S$7,000 a month were polled.

Are you also one of these Singaporeans saving more during this economic recession?