The Department of Statistics, Singapore, recently conducted a survey among Singaporean citizens to know which income group uses credit cards and similar financial products the most. The survey report was published recently.
Singapore, 6th April
Singapore’s Department of Statistics recently conducted a survey among Singaporean consumers to find out which income group uses credit cards the most. At a press conference held recently, the surveyors published the report which contains usage information of Singaporean consumers. According to the report, households that have more than 4,000 Singaporean dollars of monthly income are more likely to own and use credit cards. The survey report also states that during the economic meltdown of 2004, credit card users were still growing in numbers and credit card was fast becoming the most popular form of consumer credit.
Quoting several media reports, the surveyors also claimed that personal loans and credit cards constituted 21% of household debt at the beginning of 2017. “We have found that households that have a monthly income of 4000 to 8000 Singaporean dollars use five or more credit cards. The report published by the Monetary Authority of Singapore (MAS) has proved that increased credit card usage has not affected financial stability of households as household wealth has increased by four times in all these years. Most of the households also have a high proportion of liquid assets to their liabilities. Household assets also grew by 6.6& in the third quarter of last year, as opposed to 5.8% growth in the third quarter of the previous year”, said a member of the survey team.
The surveyors also expressed hope that with a brighter outlook and rapid growth of the financial products industry, Singaporeans would increase their credit card usage in the future.
“We have also found that cashback is the most sought-after credit card reward among Singaporean credit card users. People also love to get shopping discounts, which is second in popularity among all sorts of credit card rewards, closely followed by reward points. Dining discounts, petrol discounts and travel discounts are also immensely popular.
“Our report also reveals some intriguing facts such as Chinese Singaporeans and Malays prefer cashback than any other ethnic group”, added the surveyor, while also warning about the possible risks of credit card frauds.
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The Department of Statistics, Singapore, is the national statistical office.
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