Zhun boh? S'poreans should on average have savings of $71K and $136K by ages 30 and 35 respectively
Online users have cross-checked a financial website’s calculations after a netizen shared statistics on the alleged average savings Singaporeans of different ages have.
According to the calculator, Singaporeans who have reached 30 years of age should have an average of S$71,000 in savings.
The online user asked Singaporeans if they think these calculations are accurate, adding, "For me, I find it quite close".
Another netizen responded with "Don't create anxiety, please. I've only got two dollars in the bank".
“There’s an article that calculates savings one should have by age based on median salary,” a netizen wrote early in the week, “It says most people save around 30% of disposable income.”
The financial question was posted on an online forum called Ask Singapore.
According to the financial website, there are several assumptions that were made when making the calculations, including that wages don’t increase over time, the personal savings rate remains constant, and the CPF is not included in savings.
“Even then,” the site wrote, “This feels like the estimate is going to be sketchy – so take the numbers with a pinch of salt.”
Netizens seemed to have mixed responses to the calculations. While some said that it was pretty accurate for them, a few others thought of bringing up certain factors such as family size and expenses such as vacations.
Still, another netizen wrote, “Don’t create anxiety, please. I’ve only got two dollars in the bank.”
Moi only have $710.00 in my Maybank account right now :(