According to Singlife, there are three distinct consumer groups in Singapore based on their current levels of financial freedom.
To feel financially free, the average consumer in Singapore would have to save at least $1,733 per month over approximately 27 years to accumulate a median savings of $566,640, according to a survey conducted by financial services company Singlife.
Singlife’s inaugural Financial Freedom Index, which involved 3,000 Singaporeans and permanent residents aged 18 to 65 found that over half of respondents need at least $500,000 to feel financially free.
