Average Savings Rate per Income Group in Last 10 Years

Debated in Parliament on 8 Jan 2018.

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Gan Thiam Poh inquired about the average savings rates per income group in Singapore over the past decade, but the Minister for Trade and Industry noted that such detailed data by income group is unavailable.
The government instead provided aggregate household financial assets data, which includes items like currency, deposits, shares, CPF balances, and pension funds, showing a steady increase from $584.3 billion to $1.13 trillion between 2007 and 2017.
The response highlighted that while overall household financial assets have grown, specific savings rates per income group are not tracked or published by the authorities.

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Full Transcript

Gan Thiam Poh

Mr Gan Thiam Poh asked the Minister for Trade and Industry (Trade) what has been the average savings rate for each income group in Singapore in the last 10 years.

Lim Hng Kiang

Data on household and individual savings rates by income groups are not available.

However, data on the aggregate level of household financial assets can be obtained from the Household Sector balance sheet compiled by the Department of Statistics. These financial assets comprise (a) currency and deposits, (b) shares and securities, (c) life insurance attributable to households as policyholders, (d) Central Provident Fund (CPF) balances, and (e) pension funds.

Over the last 10 years, households' financial assets have increased steadily from $584.3 billion as at the end of December 2007 to $1,126.1 billion as at the end of September 2017.

Summary written by AI (learn more)

Gan Thiam Poh inquired about the average savings rates per income group in Singapore over the past decade, but the Minister for Trade and Industry noted that such detailed data by income group is unavailable.
The government instead provided aggregate household financial assets data, which includes items like currency, deposits, shares, CPF balances, and pension funds, showing a steady increase from $584.3 billion to $1.13 trillion between 2007 and 2017.
The response highlighted that while overall household financial assets have grown, specific savings rates per income group are not tracked or published by the authorities.

Questions identified by AI (learn more)

Average Savings Rate per Income Group in Last 10 Years | PAPERCUTS

Average Savings Rate per Income Group in Last 10 Years

Debated in Parliament on 8 Jan 2018.

Summary written by AI (learn more)

Gan Thiam Poh inquired about the average savings rates per income group in Singapore over the past decade, but the Minister for Trade and Industry noted that such detailed data by income group is unavailable.
The government instead provided aggregate household financial assets data, which includes items like currency, deposits, shares, CPF balances, and pension funds, showing a steady increase from $584.3 billion to $1.13 trillion between 2007 and 2017.
The response highlighted that while overall household financial assets have grown, specific savings rates per income group are not tracked or published by the authorities.

Questions identified by AI (learn more)

Full Transcript

Gan Thiam Poh

Mr Gan Thiam Poh asked the Minister for Trade and Industry (Trade) what has been the average savings rate for each income group in Singapore in the last 10 years.

Lim Hng Kiang

Data on household and individual savings rates by income groups are not available.

Over the last 10 years, households' financial assets have increased steadily from $584.3 billion as at the end of December 2007 to $1,126.1 billion as at the end of September 2017.

Summary written by AI (learn more)

Gan Thiam Poh inquired about the average savings rates per income group in Singapore over the past decade, but the Minister for Trade and Industry noted that such detailed data by income group is unavailable.
The government instead provided aggregate household financial assets data, which includes items like currency, deposits, shares, CPF balances, and pension funds, showing a steady increase from $584.3 billion to $1.13 trillion between 2007 and 2017.
The response highlighted that while overall household financial assets have grown, specific savings rates per income group are not tracked or published by the authorities.

Questions identified by AI (learn more)

Average Savings Rate per Income Group in Last 10 Years

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Questions Identified

Full Transcript

Gan Thiam Poh

Lim Hng Kiang

Summary

Questions Identified

Average Savings Rate per Income Group in Last 10 Years

Summary

Questions Identified

Full Transcript

Gan Thiam Poh

Lim Hng Kiang

Summary

Questions Identified