Households in Singapore are now earning more as a family, and spending less.
According to the latest Household Expenditure Survey, the average monthly household income was $10,503 – up from $8,105 five years before.
Employment income accounted for 79% of total household income from all sources in 2012/13, with business income and income from non-work sources contributing 11% and 10% respectively,” the report stated.
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Those in the lowest to middle income quintiles saw their income increase by 6.1 to 6.6% per annum, faster than the income growth of households in the top two quintiles.
“Notably, households in the lowest 20% also experienced significantly faster income growth between 2007/08 and 2012/13 than in the earlier 5-year period from 2002/03 to 2007/08,” the report stated.
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It included that household income rose faster than household expenditure over this period, on both an overall and per household member basis.
Average household expenditure rose by a lower 4.4% per annum than household income, it revealed.
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