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Lending & Credit

Staff Reporter

, Singapore

Published:

2 years ago

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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.

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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