Indeed, in our current cost of living in Singapore, it is tough to make ends meet with only $3,500 income. However, insurance should be not be used as an excuse as it is not a spending but a prevention against greater lost. You may choose not to spend on insurance but save the amount instead. Many will end up paying more for medical should the need arise. Hence, spend prudently or take up additional income paying work.
Almost 1 in 2 execs have zero savings.
Even high-earning execs are having difficulty making ends meet in Singapore. A report released by Jobstreet revealed that 46% of Singaporeans holding executive positions claim that their salary do not leave them with any savings after spending on essentials.
A staggering 45% also claimed that they were tied down by loans originating from property, car and credit card, and 25% of respondents revealed that insurance is their biggest monthly financial commitment.
Against this backdrop, it was unsurprising that only 5% of respondents mentioned that they have enough money to spend.
When polled on how respondents would cope with the situation, 42% of the respondents preferred to cut down on their spending and 27% of the respondents preferred to pitch for a new job with a higher salary. The remaining percentage of respondents would either get a part time job or make investments for side income.
The survey covered Singaporean candidates holding executive positions across various industries.35% of the candidates surveyed have basic salaries ranging from $2,500 to $3,500 per month.