With lowered median yearly savings of $20,195 (around S$1,682 monthly), it could now take about 30 years to accumulate enough savings to feel financially free, compared with about 27 years previously. This could be due to inflation and cost-of-living concerns affecting consumer sentiments, the survey suggests.
It may take three decades for Singapore consumers to achieve financial freedom, up by nearly three years compared to the findings from a year ago, according to Singlife’s Financial Freedom Index 2024.
The respondents of the index’s second edition believe they need approximately $612,045 to be considered financially free, up 8% from $566,640 in 2023.
