More Singaporeans are prioritising debt management: OCBC survey

Six in 10 are paying off their housing loans on target.

The number of Singaporeans putting a stronger emphasis on managing their debt has increased, OCBC’s Financial Wellness Index revealed.

According to the survey, 64% of Singaporeans are on target with paying off their house loans, an uptick of 4 percentage points from 2022.

The percentage of Singaporeans paying their unsecured debt on time also increased by three percentage points from 2022 to 84% in 2023.

With more being able to pay on time, the percentage of Singaporeans with unsecured debt has fallen to 28% (-3 percentage points).

Whilst more can pay loans and debts on time, fewer Singaporeans can comfortably spend beyond the basics (40%, -8 percentage points). Only 46% are prepared for emergency and family obligations.