S'pore households earned more than they spent over past 5 years: Govt survey

Families' financial conditions improved; govt transfers boosted household income

- Chor Khieng Yuit

The average household here earned more and spent more in 2023 compared with five years before, but income grew at a faster rate than expenses, suggesting that families' financial situations have improved over time.

The Household Expenditure Survey 2023 found that the average monthly household income in Singapore rose by 4.1 per cent a year between 2017/18 and 2023, from $12,661 to $15,473.

Meanwhile, average monthly household expenditure increased by 2.8 per cent a year, from $5,163 to $5,931, over the same period.

The results of the government survey, which is conducted every five years, were released on Nov 28.

Households were polled over a one-year period from November 2022 to November 2023. The last survey was done between October 2017 and September 2018.

On a per household member basis, average monthly household expenditure rose 3.1 per cent per year to $1,986 in 2023, from $1,704 in 2017/18.

The average monthly household income per member rose 4.1 per cent per year, from $4,246 in 2017/18 to $5,197 in 2023.