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People living and working in Singapore believe they need to earn more money in order to cope with the country’s rising cost of living.
The ideal amount? $6,000 per month.
According to a new report conducted off the back of Singapore being named the most expensive city in the world, 23% of Singaporeans earning less than $3,000 per month said they struggle to make ends meet on their current wage.
Of this group, 31% believed their salary could cover their basic needs and some small luxuries, while 42% said it’s only enough to cover basic needs. Only 4% said they were comfortable with their salary.
Overall, 83% of Singaporeans were not happy with their current income.
The report also looked at how money is being spent by these employees and found paying for basic necessities accounted for between 30 and 40% of their income, with housing taking up the majority of that spend.
In order to cope, 16% said they take on second jobs to earn enough – but 50% also said they manage to save between 10 and 20% of their salary each month.
When asked what they felt they needed to earn to be satisfied with their income, 66% said their current salary needs to increase by up to 20%, with more than half stating the ideal amount would be somewhere around $6,000 per month.