OCBC survey states 2 out of 3 S’poreans don’t have savings to last more than 6 months

Singapore – According to an OCBC survey approximately 66 per cent of Singaporeans don’t have enough savings in their accounts to last the next six months. News of this has been circulating online, garnering the repeated request from individuals to allow CPF withdrawals.

According to a straitstimes.com report on Monday (June 1), a majority of Singaporeans do not have enough saved to continue their current lifestyle until the end of the year if they were to lose their jobs or source of income today.

Based on a survey conducted by Oversea-Chinese Banking Corporation (OCBC) last month, around 50 per cent of the respondents were given no-pay leave, experienced a reduction in their commissions or suffered from salary deductions.

In hopes of comprehending the financial implications of the Covid-19 pandemic, OCBC surveyed 1,000 working adults between the ages 21 and 65 and with salaries of at least S$2,000 a month. Two out of three respondents admitted their savings have suffered due to the crisis.

Members from the online community once again tried their luck if another source of savings could be tapped for such a time as this. “A compulsory savings for all citizens,” Muhamad Nur described. “Oh wait, we call it CPF (Central Provident Fund),” he added.

As a portion of one’s income goes to CPF directly, Skyee Alfonso hopes the Government will reconsider allowing those in need to withdraw a part of that savings. Liza Jaffar agreed and even suggested starting an online petition to get things going.

Others noted that there is a need to adjust one’s lifestyle and spending budget to help stay afloat during hardships when income is decreased and expenses continue.

“Bubble tea, condo, car, holidays,” commented a netizen who explained that one should live within their means. Regarding CPF withdrawal, a few mentioned that the CPF is there to serve as financial aid after retirement.

Withdrawing it now would deplete its future purpose. “A lot of people think they are rich because they see the figure in their CPF,” said Ab Ee.

Meanwhile, Linda Cheong pointed out “if one cannot survive today, there’s no tomorrow to think about.” She added that not the whole amount would be taken, just enough to tide through this period.

Roy Lam stayed positive and urged everyone to harness their determination and to “work it out lah because we are SG people.”

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