OCBC’s Financial Wellness Index has revealed a shift in the financial habits of Singaporeans, indicating more focus on debt management.
According to the survey, an increasing number of Singaporeans are making significant strides in paying off their house loans, with 64% now on target. This shows a rise of 4 percentage points compared to 2022.
The new statistic suggests a growing commitment to housing-related debt management among the surveyed individuals.
The survey also showed positive developments in the timely repayment of unsecured debt, with the percentage of Singaporeans meeting their obligations increasing by three points, reaching 84% in 2023.
This improvement has contributed to a decrease in the overall percentage of Singaporeans carrying unsecured debt, now standing at 28%—a reduction of 3 percentage points.
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While the survey highlighted success in debt repayment, it also pointed to areas of financial concern.
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Despite more individuals meeting their financial obligations, the data indicates a decrease in the percentage of Singaporeans comfortable spending beyond the basics, dropping to 40%—reflecting an 8 percentage point decline.
Furthermore, the survey indicates that only 46% of respondents feel adequately prepared for emergency expenses and family obligations.
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