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Many Singaporeans do not have enough savings to allow them to maintain their current lifestyle beyond six months if they were to lose their jobs now.
An OCBC Bank survey conducted last month during the circuit breaker period found around two-thirds of working Singaporeans and permanent residents (PRs) indicating that they did not have enough savings to last them beyond six months.
Around half of those surveyed had suffered wage cuts, been placed on no-pay leave or had their commission earnings reduced.
The survey aimed to understand the impact of the coronavirus crisis on the financial well-being of residents, OCBC said yesterday.
The bank surveyed 1,000 working adults aged between 21 and 65, earning from $2,000 a month.
More than half the respondents said their savings had taken a hit.
Around 20 per cent indicated that their savings fell by more than 20 per cent, while one in three said the decline was up to 20 per cent.
Another 20 per cent were maintaining their savings level.
But some managed to save more, with 5 per cent of the respondents saying their savings had increased by more than 20 per cent.
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