Connect with us

Lifestyle

How Does Your Household Consumption Pattern Change Through Different Life Stages?

If you are under 30, you should probably be saving more for future additional expenses.

 

Singapore is undoubtedly one of the most expensive cities to live in the world.

Find out how household expenditure shifts according to the age group of the head of household.

In a survey published by Singstat, household expenditure differs for various age groups of the head of household.

Age of head of household Household expenditure
< 30 $4,018
30 – 39 $5,361
40 – 49 $5,355
50 – 59 $4,837
60 & over $3,586

Source: Singstat

Heads in the 30-39 years old range ranks the highest in average household expenditure. They are also the ones with the highest proportion of households with maids and children below 5 years old.

What Do Singaporeans Households Spend on the Most?

Food and transport takes up the highest percentage of Singaporeans’ total expenditure for most age groups. Housing and other related expenses also comes up as one of the more significant expenditure. However, this decreases in older age groups absolute value terms.

How Does Household Consumption Patterns Change through the Different Life Stages?

Generally, household expenditure starts to increase as the head of household hits 30. This is typically due to commitments such as having a child as well as cost of car ownership.

Expenditure remains high until about 50 years old when their expenditure on housing significantly falls.

Those 60 and above spend the least in terms of monthly expenditure. However, they spend a significantly larger percentage on healthcare. There is an increase in healthcare spending in terms of both dollar terms as well as percentage of household expenditure.

So, do you spend more or less than the average Singaporean household? Let us know in the comments!

 

Top Image

 

DollarsAndSense.sg is a website that aims to provide interesting, bite-sized financial articles which are relevant to the average Singaporean. Subscribe to our free e-newsletter to receive exclusive content not available on our website. Follow us as well on Instagram @DNSsingapore to get your daily dose of finance knowledge through photos.