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Households in Singapore are now earning more as a family, and spending less.
According to the latest Household Expenditure Survey, the average monthly household income was $10,503 – up from $8,105 five years before.
Employment income accounted for 79% of total household income from all sources in 2012/13, with business income and income from non-work sources contributing 11% and 10% respectively,” the report stated.
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Those in the lowest to middle income quintiles saw their income increase by 6.1 to 6.6% per annum, faster than the income growth of households in the top two quintiles.
“Notably, households in the lowest 20% also experienced significantly faster income growth between 2007/08 and 2012/13 than in the earlier 5-year period from 2002/03 to 2007/08,” the report stated.
READ MORE: Wage Alert: Low-income wages go up
It included that household income rose faster than household expenditure over this period, on both an overall and per household member basis.
Average household expenditure rose by a lower 4.4% per annum than household income, it revealed.