Personal Finance

A recent survey shows that 63% of the Singapore population treats retirement planning as their top financial goal, compared to a regional average of 49%. However, the study also shows that only 35% of the population has a concrete and ongoing retirement plan. While Singapore people have a longer life expectancy of 83.5, according to … Read more

Financial stress occurs when a person feels worried and anxious due to problems related to money or their financial situation. People in Singapore, on average, have suffered more from financial stress than people in other places around the globe, according to The Independent survey.  Anxiety, guilt, depression, and other mental health challenges intertwine with the … Read more

Singapore has the most progressive tax system in the world. The government has ensured that taxation remains competitive and progressive to encourage innovation, enterprise, and employment. Personal tax in Singapore is determined by the annual income you have. The government has also established personal income tax reliefs in line with the country’s social objective, such … Read more

The interest rate for Central Provident Fund (CPF) members’ Special and MediSave Account (SMA) has been raised to 4.01 percent per annum  from July 1 and September 30.  The increase is attributed to a rise in the 12-month average yield of 10-year Singapore Government Securities, to which the SMA’s interest rate is linked. Since 2008, … Read more

The CPF board and Housing Board of Singapore have announced an upcoming change in the interest rates for MediSave and Special accounts in Q3 2023. Starting from July 1 to September 30, the interest rates will be increased from 4% to 4.01%. These changes are a direct result of the 12-month average yield increase of … Read more

If you’re looking for the best savings account in Singapore to grow your money, there’s a wide range of options available. However, finding the best deal requires careful comparison. The primary consideration is securing attractive interest rates, as they directly impact your earnings. Currently, OCBC and Standard Chartered Bank offer the most favorable savings accounts, … Read more

“Starting off on the right foot is key!” as the wise saying goes. An investment-linked insurance policy serves as a financial tool that combines insurance and investments. Moreover, this policy provides a variety of funds, including ETFs and mutual funds, in addition to life insurance coverage, catering to the needs of investors. However, is it … Read more

Over the past five decades, Singapore’s financial sector has multiplied by developing a progressive and sound financial center. It has also ensured the financial industry serves the local economy and extends to the Asia Pacific region. Since it’s a great financial center, Singapore accommodates over 1200 financial institutions offering various products and services to the … Read more

With the issuance of digital bank licenses by the Monetary Authority of Singapore (MAS) in 2020, digital banks have gained popularity in Singapore. These banks provide app-based and user-friendly services that enable customers to manage their accounts and monitor their finances without visiting physical branches. However, it’s important to consider the differences between digital banks … Read more

Every Singaporean will get higher cash payouts under the Assurance Package and Goods and Services Tax (GST), according to Budget 2023. This will help lower- and middle-income Singaporeans cope with the higher inflation of goods and services and cushion the impact of the GST hike. Under this scheme, Singaporeans aged 21 years and above having … Read more