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Am I saving less than most Singaporeans?

19 December 2022 | 2-mins read

Am I saving less than most Singaporeans?
You might be surprised where you stand among your peers. Here are some statistics to give you a nice peek into what you’re doing right with your money, and how you can do even better.

How much do we save anyway?

Based on Singapore Statistics1, personal savings increased almost threefold from $36 billion in 2011 to $106 billion in 2020. Personal savings rate had also risen sharply from about 35% in Q1 2020 to a record high of 51% in Q2 2020 amid the COVID-19 pandemic. It is also important to note that the statistics here represents the average savings rate for a Singaporean and that savings rate should be adjusted at different life stages based on your current needs and financial commitments. For example, savings rate when you are younger is lower as you have more financial commitments such as school loan, marriage, family planning and housing loan.

How much of my salary should I save?

A starting guide would be the 50/30/202 rule where you allocate 50% of your take-home income to essentials like housing, utilities, food and transport; 30% towards lifestyle and recreational activities; and the remaining 20% towards savings.

Tip: Instead of putting all your savings into a regular savings account, you can consider getting investment-linked policies which provide insurance coverage while generating potential investment returns.

Build wealth while protecting against life uncertainties with our investment plans.

What should I do with my savings?

Out of your savings, a portion can go towards funding your retirement and another portion to your emergency fund that is meant to meet “rainy day” needs. The amount allocated to your retirement fund depends on your retirement goals, while it is recommended that you have at least 6 months’ worth of income in your emergency fund3.

On top of that, you can also find ways to make your money work harder for you. Investment-linked policies help to generate potential investment returns with protection coverage. For example, Manulife InvestReady (III), a whole life regular premium investment-linked plan offers access to over 100 funds including dividend-paying funds for potential income.

Diversify your portfolio with access to over 100 funds

Manulife InvestReady (III)

Diversify your portfolio with access to over 100 funds

Am I saving enough?

It really depends on what you’re saving for. Once you’ve identified what you’re saving for, it’s important to set a target with a timeframe and of course, minimise debt so you don’t just keep cancelling yourself out.

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    The insurance products are underwritten by Manulife (Singapore) Pte. Ltd. (Reg. No. 198002116D). This advertisement has not been reviewed by the Monetary Authority of Singapore. Buying a life insurance policy is a long-term commitment. There may be high costs involved if you terminate the policy early, and your policy's surrender value (if any) may be zero or less than the total premiums paid. Buying health insurance products that are unsuitable for you may affect your ability to finance your future healthcare needs. This advertisement is for your information only and does not consider your specific investment objectives, financial situation or needs. It is not a contract of insurance and is not intended as an offer or recommendation to purchase the plan. You can find the full terms and conditions, details, and exclusions for the mentioned insurance product(s) in the policy contract.

    This policy is protected under the Policy Owners’ Protection Scheme which is administered by the Singapore Deposit Insurance Corporation (SDIC). Coverage for your policy is automatic and no further action is required from you. For more information on the types of benefits that are covered under the scheme as well as the limits of coverage, where applicable, please contact us or visit the LIA or SDIC websites ( or

    We recommend that you seek advice from a Manulife Financial Consultant or its Appointed Distributors before making a commitment to purchase a policy.

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