In Singapore, there are many opportunities to grow and develop. If you grab an opportunity and do your best in that field, you will surely progress in life. The cost of living may be very high here, but most of us still manage our finances fairly well and have some savings.
In fact, in Nielsen’s Consumer Confidence and Spending Intentions Survey for the first quarter of 2013, it was found that 65% of Singaporeans spent their spare in savings. Here’s a detailed look on how Singaporeans spends our spare cash:
Savings – About 65% of the population thought of putting spare cash to savings. Many people are considering savings for future or emergency use. They usually put it into banks.
Leisure – Singaporeans are hard workers and if given the opportunity to take a break, 49% of the population consider holidays and vacations. Instead of saving the spare cash, some tend to use it for leisure activities like travelling abroad.
New wardrobe – 28% of Singaporeans spent their spare cash on new wardrobes. Some bought clothes, shoes, bags and other items.
Investments – 33% of Singaporeans spent their spare cash on investing in shares of stocks or mutual funds.
Consumer electronics – 22% of Singaporeans chose to spend their spare cash on consumer electronics like mobile phones, laptops, tablets, etc.
Paying off – 29% of Singaporeans spent their spare cash on paying off debts like credit cards and loans.
Retiring fund – 17% of Singaporeans chose to put their spare cash on retirement funds.
Recreation – 18% of Singaporeans spent their spare cash on recreation activities like watching movies, dining out, etc.
Home improvements – 17% of Singaporeans spend their spare cash on home improvements or purchasing of decors.