We constantly engage in social comparisons with others around us, whether in schools assessing grades, at workplaces comparing salaries, or even among friends sizing up each other’s personal assets. While these may serve as a yardstick for our own progress, we may at times overestimate (and, in some cases, underestimate) by looking at outliers.
One area where this may lead to dissatisfaction is in relation to our personal finances. Unwittingly, we may benchmark ourselves against high-income earners or individuals in different trades, fostering feelings of inequity.
Instead, having a clear understanding of the average Singaporean’s earnings and expenditures could allow for better benchmarking of our own financial standing and inspire us to achieve our financial goals.
Who Is The Average Singaporean
As a multi-racial society, Singapore’s 4.15 million resident population is composed of four main racial groups. These include the Chinese, representing the majority at 75.6%, followed by Malays at 15.1%, Indians at 7.6%, and others at 1.7%.
Within this demographic, approximately 791,000 individuals (17%) are under the age of 20. The larger base of the population of around 2.64 million individuals (63%) is between the ages of 20 and 64. While the remaining 718,000 individuals (17%) are aged 65 and above.
This puts the median age of the resident population in 2023 at 44 years old, which will serve as our point of reference in determining the profile of the average Singaporean.Top of Form
Highest Qualification Attained By Average Singaporeans
In Singapore, under the Compulsory Education Act 2000, all Singapore citizens born after 1 January 1996, must attend 6 years of primary school education. Despite this, most Singaporeans typically spend between 12 and 16 years in school, with an average of 11.7 years.
Among those age 25 and above, around 37% of the resident population holds at least a university qualification. This trend is expected to grow in the future, given Singapore’s predominately knowledge-based economy, where a higher qualification may often correlate with access to better-paying jobs.
| Highest Education Qualification | Population Size (Age 25 & Over) |
| Below Secondary | 663,000 |
| Secondary | 479,800 |
| Post Secondary (Non-Tertiary) | 309,300 |
| Diploma & Professional Qualification | 514,000 |
| University | 1,134,700 |
Source: SingStats
Given that a significant size of the population holds at least a degree qualification, it’s reasonable to infer that the average Singaporean is likely to be a graduate.
Income Earned By Average Singaporeans
With a low resident unemployment rate of 2.7%, the average Singaporean is likely to be gainfully employed. Based on the Labour Force 2023 report, the median gross income from full-time work is $5,197.
Given that the median age is 44, it shows that an average Singaporean would require some years of job experience to earn that salary. The table below further supports this by demonstrating how the median income differs across the age groups. The income peaks between the ages of 40 and 44 before tapering as an individual reaches the age of 60 or older.
| Age Group | 2023 Median Monthly Salary (Including Employer CPF Contributions) |
| 20 – 24 | $3,042 |
| 25 – 29 | $4,680 |
| 30 – 34 | $5,850 |
| 35 – 39 | $6,718 |
| 40 – 44 | $7,098 |
| 45 – 49 | $6,825 |
| 50 – 54 | $5,850 |
| 55 – 59 | $4,351 |
| 60 and above | $2,905 |
Source: MOM – Median Monthly Income From Employment
If we were to look specifically at the median income for degree holders who typically hold PMET roles, it is higher than the median income at $8,190. This may reflect a more accurate monthly income for our average Singaporean profile in 2023.
Type Of Residence Occupied By Average Singaporeans
Singapore’s homeownership rates stand at 89.7% in 2023. A large majority of Singaporeans reside in over 1 million HDB flats, of which, 4- and 5-room flats comprise the biggest share. Additionally, the average household size comprises 3.11 persons.
| Resident Households By Type Of Dwellings | |
| HDB Flat Types | 77.8% |
| HDB 1- & 2-Room Flats | 7.0% |
| HDB 3-Room Flats | 17.0% |
| HDB 4-Room Flats | 31.3% |
| HDB 5-Room & Executive Flats | 22.4% |
| Condominiums & Other Apartments | 17.2% |
| Landed Properties | 4.8% |
Another method to assess income levels is through households, or in other words, the combined income of all the members of the household. In 2023, the average monthly household income from work was $13,958, while the median was $10,869. This translates to an average monthly household income per household member of $4,699, with the median at $3,500.
Based on this information and a household size of 3.11, we can observe that the average monthly household income supports the popularity of 4- and 5-room flats among Singaporeans.
| HDB Flat Types | Average Monthly Household Income From Work (Including Employer CPF Contributions) |
| HDB 1- & 2-Room Flats | $3,897 |
| HDB 3-Room Flats | $7,750 |
| HDB 4-Room Flats | $11,319 |
| HDB 5-Room & Executive Flats | $14,665 |
| Condominiums & Other Apartments | $22,560 |
| Landed Properties | $28,169 |
Assuming the spouse of our average Singaporean profile also earns the same $8,190, it would equate to around $16,380. This would suggest that the average Singapore couple may be able to afford to reside in either a HDB 5-Room & Executive flat or may have upgraded to a private condominium.
Read Also: What is Singapore’s Average Household Income And Why It Is Different From The Salaries We Earn?
Savings Level Of Average Singaporeans
According to the Department of Statistics, the personal saving rate as of Q42023 was 35.2%. It is defined as the share of personal savings out of personal disposable income. The rate changes each quarter.
Based on the 2023 median salary, excluding employer and employee CPF contributions, we calculate how much the average Singaporean across the different age bands may need to save each month over a year:
| Age Group | 2023 Median Monthly Salary (Excluding Employer CPF) | 2023 Median Monthly Take-Home Pay (Excluding Employer CPF AND Employee CPF) | How Much You Should Be Saving Each Year (35.2%)
(Month) |
| 15 – 19 | $1,350 | $1,080 | $4,560 ($380) |
| 20 – 24 | $2,604 | $2,083 | $8,796 ($733) |
| 25 – 29 | $4,000 | $3,200 | $13,512 ($1,126) |
| 30 – 34 | $5,000 | $4,000 | $16,896 ($1,408) |
| 35 – 39 | $5,833 | $4,666 | $19,704 ($1,642) |
| 40 – 44 | $6,167 | $4,934 | $20,844 ($1,737) |
| 45 – 49 | $5,958 | $4,766 | $20,136 ($1,678) |
| 50 – 54 | $5,000 | $4,000 | $16,896 ($1,408) |
| 55 – 59 | $3,978 | $3,182 | $13,440 ($1,120) |
| 60 & Over | $2,654 | $2,123 | $8,964 ($747) |
Based on our average Singaporean profile, the person would save an average amount of $1,737 per month, or $20,844 per year.
Similar to our personal savings, another component that all working Singaporeans may contribute towards is their CPF savings. Here’s how much CPF savings we should have based on the combined regrossed balances in every age group:
Looking at the 50th percentile, we can see the median CPF savings that others in our age group have accumulated:
| Age Group We Are In | Median CPF Savings Range |
| 0 to 20 | Below $20,000 |
| >20 to 25 | Below $20,000 |
| >25 to 30 | $40,000 to below $60,000 |
| >30 to 35 | $120,000 to below $140,000 |
| >35 to 40 | $200,000 to below $220,000 |
| >40 to 45 | $260,000 to below $280,000 |
| >45 to 50 | $300,000 to below $400,000 |
| >50 to 55 | $300,000 to below $400,000 |
| >55 to 60 | $200,000 to $220,000 |
| >60 to 65 | $180,000 to $200,000 |
| >65 to 70 | $140,000 to $160,000 |
| >70 to 75 | $80,000 to $100,000 |
| >75 to 80 | $40,000 to $60,000 |
| >80 | Below $20,000 |
Based on our average Singaporean profile who is age 44, the median CPF balance would be in the range of between $260,000 to $280,000.
Read Also: How Much Money You Should Have In Savings (And/Or Investments) According To Your Age In Singapore
Average Expenses Incurred By Singaporeans
Based on the 2017/2018 Household Expenditure Survey, an average Singaporean household spends around $4,906 a month on goods and services. This translates to around $1,628 per person a month.
Housing accounts for the single largest spending category at around 28.9% of total expenses, followed by food and transport at 20.3% and 13.2%, respectively.
However, as the latest data is at least 6 years old, it may not be reflective of the current expenses incurred by the average Singaporean household. Higher property prices, rising food inflation costs, and increased transport fares over the years would result in the average Singaporean household spending more than the stated amount each month.
Average Government Subsides Received By Average Singaporeans
The government has introduced various support schemes, such as GST Vouchers, U-Save rebates, Service & Conservancy Charges, CDC Vouchers for Singaporean households to cope with rising living costs. Additionally, individuals are also provided with support through schemes such as Workfare Income Supplement, Pioneer Generation Package, and Silver Support for their retirement and medical needs.
On average, resident households received $6,371 per household member from the various Government schemes in 2023. For a household median size of 3.11 in a HDB 4-Room, this translates to a total of around $19,645 in government transfers.
| Dwelling Type | Amount Received In Government Transfers Per Household Member |
| HDB 1- & 2-Room Flats | $13,623 |
| HDB 3-Room Flats | $7,089 |
| HDB 4-Room Flats | $6,317 |
| HDB 5-Room & Executive Flats | $6,163 |
| Condominiums & Other Apartments | $3,777 |
| Landed Properties | $4,015 |
Source: Singstat – Average Annual Government Transfers Per Household Member
Based on the above table, our average Singaporean profile would have received between $3,777 and $6,163 per household member in government transfers, assuming the person stays in either HDB 5-Room & Executive flat or private condominium
Read Also: Singapore Budget 2024: 24 Things That Will Impact Singaporeans Financially
What Gets Measured, Gets Managed
To understand the average Singaporean’s personal finances, we tried to create a profile based on assumptions and data sourced from SingStats, MOM Labour Report, and the 2017/2018 Household Expenditure Survey. It’s important to note that while this profile serves as an illustration, it may not be an actual representation.
From our observation, we could say that the average Singaporean is 44 years old and has a degree qualification. The person earns an average income of around $8,190 and lives in either a HDB 5-Room & Executive flat or a private condominium. The person may also save around $1,737 per month, or $20,844 per year, and have a CPF regrossed balance of between $260,000 and $280,000. Depending on the type of residential dwelling, the person would have received between $3,777 and $6,163 per household member in government transfers in 2023.
While this may serve as a baseline for comparison and improvement, it’s important to note that individual circumstances may vary significantly based on factors such as experience, education, profession, and personal situation. Ultimately, we should look at our own career and financial goals and work towards achieving them.
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