30 Nov '11, 7am

Income growth: Only 0.1%?

Instead of looking at median income growth, the economic well-being of Singaporeans is better gauged by looking at household savings. Let’s look at a typical couple. Eg: A young couple with 3-4 years working experience each, earning combined $8k, no children, staying in a 4-room HDB flat. Other than their mortgage (which works out to about $1.5k per month and paid in CPF), this family doesn’t have major financial commitments. As living expenses are fairly low, this couple can save $5k per month or $60k per annum. In 3 years, this couple has close to $200k in savings already. Thus it can be seen that the average Singaporean couple is indeed very wealthy. Even if there isn’t any income growth, the stock of savings enables the couple to buy private property (if they wish) after only 3-4 years of working, buy a car if they wish, go for expensive holidays, eat at fancy restaura...

Full article: http://theonlinecitizen.com/2011/11/income-growth-only-0-1/

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