Question :
Mr
Gan Thiam Poh: To ask the Minister of Trade and Industry
(Trade) what has been the average savings rate for each income group in
Singapore in the last ten years.
Written reply:
- Data
on household and individual savings rates by income groups are not available.
- However,
data on the aggregate level of household financial assets can be obtained from
the Household Sector balance sheet compiled by the Department of Statistics. These
financial assets comprise (i) currency and deposits, (ii) shares and
securities, (iii) life insurance attributable to households as policyholders,
(iv) Central Provident Fund (CPF) balances, and (v) pension funds.
- Over
the last ten years, households’ financial assets have increased steadily from $584.3
billion as at the end of December 2007 to $1,126.1 billion as at the end of September
2017.