6 in 10 Singaporeans are paying their housing loans on target

OCBC’s Financial Wellness Index has revealed a shift in the financial habits of Singaporeans, indicating more focus on debt management.

According to the survey, an increasing number of Singaporeans are making significant strides in paying off their house loans, with 64% now on target. This shows a rise of 4 percentage points compared to 2022.

The new statistic suggests a growing commitment to housing-related debt management among the surveyed individuals.

The survey also showed positive developments in the timely repayment of unsecured debt, with the percentage of Singaporeans meeting their obligations increasing by three points, reaching 84% in 2023.

This improvement has contributed to a decrease in the overall percentage of Singaporeans carrying unsecured debt, now standing at 28%—a reduction of 3 percentage points.

More from OMY: Secured Vs. Unsecured Loan: What Should You Choose?

While the survey highlighted success in debt repayment, it also pointed to areas of financial concern.

More from OMY: A Complete Guide To Debt Consolidation Plan In Singapore

Despite more individuals meeting their financial obligations, the data indicates a decrease in the percentage of Singaporeans comfortable spending beyond the basics, dropping to 40%—reflecting an 8 percentage point decline.

Furthermore, the survey indicates that only 46% of respondents feel adequately prepared for emergency expenses and family obligations.

More from OMY: How To Pay Off Credit Card Debt In Singapore With A Personal Loan

Share This Story:

More Articles

No Need to Shop Around, Find the Best Personal Loan Offers in One Place! 

In just minutes, OMY can give you access to multiple loan offers from various banks and loan providers – all for free.

Personal Loan Offers!