How Singaporeans Really Spend Their Money

How much do Singaporeans actually know about their monthly spending, and where does all that money go?

A 2021 survey of 1,299 adults revealed a surprising insight: less than half (or 48%) said they knew how much they spent each month. The slight majority of 52% admitted they had little idea. Among the youngest group, aged 18 to 24, only 43.6% tracked their monthly expenses. By comparison, adults aged 25 to 34 were the most aware at 52%, likely because that stage of life comes with big-ticket commitments such as weddings, first homes, and raising children. Older respondents, aged 55 and above, also showed relatively high awareness at 49.8%, possibly because retirement planning was on the horizon.

By 2025, the numbers painted a clearer picture of actual spending. Young adults spent about S$1,486 a month on average. Full-time employees typically spent between S$501 and S$1,000, while part-time workers spent less than S$500. Interestingly, food consistently ranked as the largest expense for full-time workers, a reflection of Singapore’s strong dining-out culture at hawker centres, cafes, and restaurants.

Image Credits: unsplash.com

The bigger question is whether income growth has kept pace with rising expenses. In 2019, Singapore’s median monthly household income from work including employer CPF contributions, was S$9,425. On a per-person basis, that translated to S$2,925. In 2000, the median household income was just S$4,398. The near-doubling over two decades highlights Singapore’s steady income growth, an important indicator of its economic resilience. Yet with inflation and lifestyle expectations rising, the real challenge lies in how households allocate that income.

The 2017/2018 Household Expenditure Survey offered a detailed snapshot. The average household spent S$4,906 per month. Out of this, S$1,199 went to food, with S$810 spent outside the home. Clothing and footwear accounted for S$123, recreation and culture for S$379, and educational services such as tuition for S$339. Housing remained one of the most significant lifestyle markers. By 2019, Singapore’s home ownership rate had reached an impressive 90.4%, making property both a financial anchor and a status symbol.

Ultimately, spending habits are shaped by three main factors:

a. Income level. Higher earners devote more to experiences and luxury goods, while lower-income households focus on essentials.

b. Lifestyle and preferences. Some prioritize saving and financial goals, while others lean toward experiences such as travel, dining, and entertainment.

c. Age. Different life stages bring different financial priorities, from weddings and childcare to retirement planning.

Image Credits: unsplash.com

The real question for Singaporeans is not only how much they spend, but also whether those spending patterns bring them closer to the lifestyle they aspire to. Personally, my husband and I spend most of our money on food, utilities, and travel. How about you?

Sources:1,2, & 3

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