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Photo courtesy of Cris Tagupa.
1 in 10 Singaporeans defer loan repayments
Majority plan to boost investments and savings.
Over 1 in 10 (12%) of Singaporean retail bank customers have deferred loan payments, a study by FICO found.
Forty percent (40%) of the 2,270 Singaporean adults they surveyed said that they experienced a negative impact on their incomes in 2021.
READ MORE: 1 in 5 affluent Singaporeans defer loan repayments, mull switching banks: survey
As a result, the majority of Singaporeans surveyed now plan to maintain or boost their savings (81%) and their investments (78%).
A higher proportion of retail customers also now plan to switch banks in search of better financial products. FICO estimates that 6% of Singapore retail bank customers will make a switch in 2022, from only 3% in 2021.
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