Singapore’s poorest households are overspending

Low-income households in Singapore are spending more than what they earn, according to results of the Household Expenditure Survey 2012/13.

Responding to a parliamentary query from Mr Gerald Giam, Trade and Industry Minister Lim Hng Kiang shared that the average expenditure of the poorest 10 percent of households was $1,844 a month, $801 more than their average monthly income of $1,043.

“About 55 percent of their income was derived from work, while the remaining 45 percent was from non-work income sources such as investment income and regular transfers from the Government.

“The stronger reliance on non-work income by these households could be attributed to the fact that around one-third of the households in this group were retiree households,” the Minister added.

The survey results also showed that more than eight out of ten low-income households here owned homes.

Advertisements

Comments are closed.