, Singapore
137 views
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.

Follow the link s for more news on

Join Asian Banking & Finance community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!