SINGAPORE: Concerns about financial well-being are taking centre stage as a recent Reddit conversation highlighted the growing issue of debt among Singaporeans.
A netizen started a discussion by asking, “how much debt does the average Singaporeans have”? He added: “Is everyone so rich or are they knee deep in debt?”
I am curious. How much debt does the average singaporean have?
byu/skmomo74 insingapore
The online exchange revealed some eye-opening statistics regarding credit card debt, as one user pointed out, “So at least 34% of Singaporeans couldn’t pay off their monthly credit card debt.”
Another talked about the importance of financial knowledge, saying, “Financial literacy is a simple matter of understanding 1+1=2. If your income is x, dont spend more than x. Very simple but still many grown adults who went through more than 10 years education cannot figure out.”
One shared a personal story of a relative whose expenses rose as their income did, leaving very little for savings. He said, “there’s a saying that your lifestyle goes in tandem with your income. my relative worked his way up to 10k/mo, but his expenses are now higher than ever with a 5k condo mortgage and a 2k car payment every month. balance goes to other expenses and i’m not sure if there’s anything left of the 10k after that”
Another was concerned by the numbers revealed saying, “34% of them pay minimums, so it doesn’t even include those who can’t make payments! Gg bro.”
Yet another netizen concerned about credit cards said, “34% pay only the monthly minimum? That’s crazy number. I sympathise those who can’t clear it due to unfortunate circumstances, but a third of adult Singaporeans? That’s way too high.”
One more said, “Wow. This is what I was suspecting. It’s a house of cards :(“, capturing the growing concern about financial stability in Singapore.
Another netizen discussed the ease of obtaining credit cards today, saying, “They’re giving cards and credit limits out like hotcakes these days. Not as exclusive as 10-15 years ago. But anyway, the higher they climb, the harder they fall innit.”
While the Reddit thread brought to light serious concerns about financial stability, some gave their funny yet real take.
One said, “$2.80 Monday gonna pay colleague, bought teh peng.”
Another joined in, jokingly saying, “Gosh the teh peng at the funtoast downstairs of my office still takes the cake. 3.30$”
In a city where financial pressures often feel relentless, this Reddit conversation has done more than just raise concerns—it has ignited a much-needed conversation.
It reminds us that learning how to handle money wisely is crucial for every Singaporean.