When gauging how well we’re doing financially, it’s always useful to look at various metrics to understand where (or what) we could do better.
Of course, some of these metrics will be universal, while others may be more specific to the country we live in.
That’s particularly true in Singapore, where widespread public housing and a solid pension scheme (the CPF) mean we should use a mix of benchmarks when measuring how well we’re doing financially.
So, here are 10 simple financial benchmarks in Singapore that we can use to understand how well we’re doing.
#1 Net Worth
This is the most basic of all. For any individual, their net worth is the most comprehensive snapshot of financial health. It is calculated as:
Net Worth = Total Assets – Total Liabilities
Assets can include cash, investments, property (including the value of your HDB flat or condo), CPF balances, and other valuable possessions. Liabilities typically include your mortgage, various other loans you might have, and credit card debt.
We should be aiming for a positive and growing net worth year-on-year. A working adult in their 30s in Singapore might aim for a net worth that’s at least 1x to 2x their annual income, including CPF balances.
By your 40s and 50s, this should ideally be 3x to 5x your annual income.
#2 Household Income
Household income is a key driver of your ability to save, invest, and meet long-term financial goals. It includes the combined monthly income of all working members in your household.
According to SingStat’s latest data, the median monthly household income from work was S$11,297 in 2024.
If your household earns above this, you’re earning more than half of Singaporean households and thus doing better than the average.
On the other hand, if your household is bringing in less than this amount, there might be an opportunity to do better. But, remember that household income is also a function of how many working adults there are in the home.
Read Also: What is Singapore’s Average Household Income And Why It Is Different From The Salaries We Earn?
#3 Household Expenses
What you spend monthly is as important as what you earn because it determines how much you save and invest. Household expenses include housing, food, transport, utilities, insurance, childcare, entertainment, and discretionary spending (like dining out or travel).
A fiscally-prudent household spends no more than 70% to 75% of its take-home income. If your expenses are consistently higher than your income, that’s a warning sign that you’re spending “beyond your means”.
The most recent Household Expenditure Survey 2023 found that the average monthly household expenditure rose to $5,931. This was an increase of 2.8% p.a. from the previous survey done in 2017/18.
#4 Savings Rate
Your savings rate is the percentage of your take-home income that you save each month. It is also a strong indicator of long-term financial resilience.
Typically, in Singapore, we should aim to save at least 20% to 30% of our monthly (gross) income.
High savers, or those working towards early retirement or financial independence (i.e. the FIRE movement) often save anywhere from 40% to 60% or more. The higher your savings rate, the faster you build wealth and financial flexibility.
According to Department of Statistics Singapore, as of the fourth quarter in 2024, the personal savings rate in Singapore was 37.6%. So, if you’re managing to save more than this per month then you’re doing well.
Read Also: How Much Money You Should Have In Savings (And/Or Investments) According To Your Age In Singapore
#5 CPF Savings
Your Central Provident Fund (CPF) balances are a critical component of your long-term savings for retirement, housing, and healthcare via the CPF Ordinary Account (OA), Special Account (SA), and Medisave Account (MA).
For those aged 30 to 35, the median CPF balance amount is between $140,000 and $160,000. For those aged 55 to 60, the median CPF balance amount is between $300,000 to $400,000.
So, if we can hit the Full Retirement Sum (FRS), which stands at $205,800 in 2025, by your 40s then you’re doing pretty well.
If you’re well below these levels, consider CPF top-ups, especially to your CPF SA for the higher interest rate and compounding effect.
Read Also: How Much CPF Savings Should You Have At Every Age Group
#6 Amount of Debt
Not all debt is bad. But a lot of it is. Debt that service mortgages or education can be considered productive debt. Yet high-interest consumer debt like credit cards and personal loans can quickly see you falling into a “debt spiral”.
So how do we measure success here? Well, a good goal to have is to make sure your total monthly debt repayments does not exceed 40% of your monthly income.
Also known as the “debt-to-income” ratio, keeping it at that 40% level is conservative and means you’re doing well.
In fact, the Monetary Authority of Singapore’s (MAS) threshold for the Total Debt Servicing Ratio (TDSR), which banks use to assess your ability to repay loans, is 55% so there is more breathing room for those who might need to have a higher TDSR.
Ideally, avoid an unsecured credit card debt and aim to pay off personal or car loans as soon as possible as these carry sky-high interest rates. According to the MAS, rollover balances in Singapore have risen to $8.4 billion in Q12025 – over $1 billion more than it was in Q12024.
#7 Home Ownership Rate
In Singapore, home ownership is not just having a place to live. Given the high rate of home ownership here, it’s a key financial asset. That’s especially true as our housing assets are built up through CPF contributions and home equity.
According to Department of Statistics Singapore, over 88% of Singapore resident households own their homes. So, if you own a property and are not over-leveraged (or struggling to service the mortgage), you’re in line with the national average.
If you’re renting into your late 30s or beyond, consider whether owning a property (HDB or private) aligns with your long-term goals and, most importantly, whether it makes financial sense for you.
Read Also: How Much You Need To Earn To Afford These Homes In Singapore [2025 Edition]
#8 SRS Savings Invested
The Supplementary Retirement Scheme (SRS) is a voluntary savings scheme that complements your CPF and offers substantial tax savings benefits.
Most Singaporeans don’t utilise the SRS enough, but for higher-income earners, contributing up to the annual cap ($15,300 for Singaporeans/PRs and $35,700 for foreigners) can reduce taxable income while building a tidy retirement nest egg.
If you’re already maxing out your CPF and have spare cash, an SRS account is worth exploring. Additionally, many people contribute to the SRS and don’t invest it (meaning your money earns only 0.05% p.a. in interest).
As of December 2024, around 19% of SRS funds were still held in cash. So, if you have an SRS and you have at least 82% of your funds there invested, you’re doing a better job of making your money work for you than the average account.
In any case, given that your cash balances in the SRS earns you paltry 0.05%, you should aim to investing all of it.
Read Also: 10 Investments You Can Make With Your Supplementary Retirement Scheme (SRS) Account
#9 Emergency Funds
An emergency fund is your first line of defence in a financial shock, like a job loss or unexpected medical expenses. It also allows us to keep our investments compounding and ensures we don’t interrupt that process at potentially the worst time (i.e. when the market is down).
As a rule of thumb, we should keep at least 6 months’ worth of expenses in a highly-liquid bank account or instrument (like Singapore Savings Bonds).
For those who are self-employed or have multiple dependents, an emergency funds “buffer” of up to 12 months is advisable.
Read Also: Working Adults Guide To Starting An Emergency Fund – And How Much You Should Have In It
#10 Insurance Protection
Insurance is essential to protect your income, assets, and family. In Singapore, key areas include:
- Health Insurance (MediShield Life + Integrated Shield Plan)
- Life Insurance (term or whole life)
- Critical Illness Coverage
- Disability Income Insurance
- Hospitalisation plans for dependents
It’s important that you ensure that basic hospitalisation and life coverage is in place. Remember, you should aim for life insurance coverage of 10x your annual income (and maybe more) if you have dependents.
Assessing the usefulness of other insurance producers (like CI riders) is also important as we get older but the general rule of thumb is that it’s better to get insurance coverage earlier in life.
