'$20k to $30k would be good': Some people share how much salary they think is needed to live comfortably in Singapore

From reports on high rental rates to expensive cars, we all know that Singapore isn't the cheapest place to live in.

But how much should one be earning so they'd have a comfortable life here?  

For some, a $3,000 salary is enough but others think $20,000 is necessary. 

In a street interview uploaded by Asian Boss on June 23, several people passing by Orchard Road shared their honest thoughts about the cost of living in Singapore. 

The interviewees started off by revealing their monthly salary. 

One media executive said that he earns about $3,000 a month while a woman working in human resources said her salary is above $5,000. 

A brand manager of a restaurant shared that he earns below $4,000 — an amount he said is "just enough to survive". 

How much do you need to earn for a comfortable life in Singapore?

In Singapore, alcohol costs double of what you'd get in other countries and taking a cab can set you back by $40, said some interviewees. 

"Everything is expensive," one of them added with a laugh. 

A woman revealed that she rents a room for $1,800 per month, which is much higher than what you'd be paying if you live in one of our neighbouring countries. 

"A small flat here can get you a bigger flat there," she explained.

So, how much should one be earning to live comfortably in Singapore? 

One woman said she thinks $7,500 is a good amount, but did not elaborate on the reason.

On the other end of the spectrum, another interviewee said the salary would need to be much higher if she "can eat or spend whatever I want."

"$20,000 to $30,000 per month would be good, with rising costs every year, especially if I want to get a car or I want to get a house," she reasoned.

Others factored in people with families.

One woman said that a person with a family would need to earn about $5,000. But if a person was living alone like her, $3,000 would likely be more than enough.

"There are people who make $1,000 and they survive," she pointed out.  

"So you'll never know. It depends on yourself, or how you manage that money." 

Are Singaporeans struggling financially?

According to 2021 data from the World Bank, Singapore is one of the countries offering the highest average salaries in the world, ranking eighth on the list. 

The interviewer from Asian Boss said that this may lead outsiders to think that everyone living in Singapore are "doing very well" and "they don't really struggle financially". 

But is that really the case?

"It's a struggle to get by in Singapore. It isn't true, it isn't as it seems," one interviewee said. 

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Another shared that her international friends think that people who live in Singapore are rich. 

However, she personally feels that this isn't true.

"Because there are a lot of Singaporeans who are struggling in terms of finance," she explained. 

One man also pointed out that despite the average salary in Singapore being "quite high", the disparity between the highest and lowest is "still quite disproportionate", making the income inequality significant. 

"The cost of living is obviously going up and as a result, those people who are on the lower end of the income bracket will find it naturally more difficult to get by day to day," he said. 

Singapore one of the costliest cities to live in: Report

For the first time, Singapore became the most expensive city for goods and services for wealthy people, overtaking Hong Kong, London and New York, according to a report released on June 20.

Julius Baer's Global Wealth and Lifestyle report found that cars and essential health insurance in Singapore are 133 per cent and 109 per cent more expensive than the global average, among 12 consumer goods and eight services that reflect the spending patterns of high-net-worth individuals. 

Additionally, demand for accommodation is high, school places are at a premium, and the general cost of living for everyone is high in Singapore. 

In May, the nation's core inflation rose 4.7 per cent year-on-year. 

Core inflation is expected to moderate further in the second half of 2023, said the Monetary Authority of Singapore and the trade ministry, as imported costs are reduced and the domestic labour market tightness eases.

ALSO READ: 'You trying to compare to locals?' Expat shares his $5,000 monthly expenditure, gets criticised for showing off

melissateo@asiaone.com 

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