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.
- 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.