2 in 3 S'pore workers don't save enough

 

		Wednesday, Jan 18, 2012 AsiaOne (Singapore)
2 in 3 S'pore workers don't save enough
About two in three Singapore workers save less than 20 per cent of their monthly salary, with those in the events management, public relations and sales being the worst savers. A total of 2,278 people were surveyed online by JobsCentral from August to September last year. The survey found that the savings trend is consistent across two vastly different income levels - those who earned less than $1,000 a month and those who made above $10,000 a month. Majority of both groups of respondents - who comprise employed individuals from all levels of occupation and income groups - indicated that they save 10 to 20 per cent of their monthly income. The top three savers among the group are employees in research and development (56.7 per cent), consulting (50 per cent) and business development (47.7 per cent). JobsCentral Group's deputy CEO Huang Shao-Ning noted that it is "interesting" that the top three worst savers are those who "require strong social skills and high energy level to perform their tasks". Ms Huang added: "The more exuberant personalities of these three groups of workers, and the requirement of their jobs to leave positive impressions on new people they meet every day may also translate to higher expenditure on grooming, commuting and entertainment." The survey also showed that 44 per cent said they save most of their bonus. At least one in three indicated that they spend the bulk of their bonus on recreation, mostly on holidays, shopping, and giving most of it to their parents. Only nine per cent said they would put it into investments, and 0.5 per cent said they will donate to charity. Most of the respondents (76 per cent) indicated that salary-related information should be kept private and prefer not to share it with their peers in the company. Respondents with higher gross monthly salary are more tight-lipped about their salary compared to those who earn less. About three-quarters of those surveyed said they do not moonlight and those who do, earn extra income through dividends from stocks or bonds, freelance work and part-time jobs.