80% of respondent in survey says they have only 3 months emergency savings

lifeafter41 · Dec 25, 2008

Just came across an article in today's Zaobao. In a survey conducted by Citibank, 80% of respondent says that in the event they are being retrenched or laid off, they would only have savings to last approximately 3 months.

I believe the situation is going to get worse after Jan 2009 or CNY. Make you wonder how are Singaporeans going to get through all these.

batman1 · Dec 25, 2008

MIW :U peasants die is your own business.Don't come and disturb me counting my gold bars.

blackmore · Dec 25, 2008

lifeafter41 said:
Just came across an article in today's Zaobao. In a survey conducted by Citibank, 80% of respondent says that in the event they are being retrenched or laid off, they would only have savings to last approximately 3 months.

I believe the situation is going to get worse after Jan 2009 or CNY. Make you wonder how are Singaporeans going to get through all these.

Can, Singaporeans can weather anything as LHL preached, expect more crimes to rise, more superman cases, more divorce cases , more people will be committed to institution.

3 months reserves I guess is only the ideal cases rather then on average respondents of Citibank. From the people I come across, most can barely last a month if they will to be retrenched. :rolleyes:

singveld · Dec 25, 2008

lifeafter41 said:
Just came across an article in today's Zaobao. In a survey conducted by Citibank, 80% of respondent says that in the event they are being retrenched or laid off, they would only have savings to last approximately 3 months.

I believe the situation is going to get worse after Jan 2009 or CNY. Make you wonder how are Singaporeans going to get through all these.

3 months only??

they must own the bank a lot of money.

i think i have 3 yrs of reserve.

i wish the 3 months people good luck and merry christmas and happy new year.

kchunjeng · Dec 25, 2008

Hoiiy shit !!

I have S$500,000 cash on hand, with S$500,000 in property. how Iong can I Iast ??

chinkangkor · Dec 26, 2008

lifeafter41 said:
Just came across an article in today's Zaobao. In a survey conducted by Citibank, 80% of respondent says that in the event they are being retrenched or laid off, they would only have savings to last approximately 3 months.

I believe the situation is going to get worse after Jan 2009 or CNY. Make you wonder how are Singaporeans going to get through all these.

It will be a very tough year ahead. The world economy has not reached its bottom yet and world demand will continue to spiral downwards for the next few months.

Companies won't be able to hold on to redundant staff indefinitely without seeing any signs of recovery in the forseeable future.

Budget 2009 is coming very soon ... so keep your fingers crossed.

nextinfidel · Dec 26, 2008

lifeafter41 said:
Just came across an article in today's Zaobao. In a survey conducted by Citibank, 80% of respondent says that in the event they are being retrenched or laid off, they would only have savings to last approximately 3 months.

I believe the situation is going to get worse after Jan 2009 or CNY. Make you wonder how are Singaporeans going to get through all these.

3 months of reserve coming from 3 different credit cards??
or is it a case of Feb's salary being used to pay Jan's expenses and Mar's salary being used to pay Feb's expenses.?

look around you. you see ppl buying LV bags, eating Crystal Jade food, riding modified ah beng bikes, driving modified ah beng new cars, and marrying in 5 star hotel wedding banquets.

I've seen ATM withdrawal receipts, their account balance showing 2 or 3 digit figures. 3 digits ones are less than $500.

go ask anyone you see on the street if he can withdraw $3000-$5000 cash from his ATM savings account. watch his reply and body language and you can decide and tell me what is wrong here.

makapaaa · Dec 26, 2008

Peasants die nebermind! I've 10 FTs waiting in line to replace every Sporn perished! I challenge u to topple me! *zzzz*

myfoot123 · Dec 26, 2008

lifeafter41 said:
. Make you wonder how are Singaporeans going to get through all these.

Social unrest and than send to Queenstown resort for free food. Nothing to lose.

1sickpuppy · Dec 26, 2008

kchunjeng said:
Hoiiy shit !!

I have S$500,000 cash on hand, with S$500,000 in property. how Iong can I Iast ??

If you are lucky forever if you are suay 1 sec ( Walk across the road a lorry decide to kiss u or your heart decide to give you a 1sec notice and quit )

lifeafter41 · Dec 26, 2008

kchunjeng said:
Hoiiy shit !!

I have S$500,000 cash on hand, with S$500,000 in property. how Iong can I Iast ??

I guess it should last you at least for the next 10 years and if the crisis really drags on that long, 80% of Singaporean won't be here anymore.

williamsF1 · Dec 26, 2008

on average most ppl have only 3mths savings? ok, fair enuff, but they didn't survey to see how many mths worth of installment debts the respondants have? and if they become jobless, how fast will their savings be wiped out.

jw5 · Dec 26, 2008

lifeafter41 said:
Just came across an article in today's Zaobao. In a survey conducted by Citibank, 80% of respondent says that in the event they are being retrenched or laid off, they would only have savings to last approximately 3 months.

I believe the situation is going to get worse after Jan 2009 or CNY. Make you wonder how are Singaporeans going to get through all these.

Perhaps they spend $100K per month, hence savings can only last 3 months.

jw5 · Dec 26, 2008

batman1 said:
MIW :U peasants die is your own business.Don't come and disturb me counting my gold bars.

Hopefully the gold bar will hit them in the head.

jw5 · Dec 26, 2008

blackmore said:
Can, Singaporeans can weather anything as LHL preached, expect more crimes to rise, more superman cases, more divorce cases , more people will be committed to institution.

3 months reserves I guess is only the ideal cases rather then on average respondents of Citibank. From the people I come across, most can barely last a month if they will to be retrenched.

Who asked them to have such a lavish lifestyle in the past?

myfoot123 · Dec 26, 2008

lifeafter41 said:
Just came across an article in today's Zaobao. In a survey conducted by Citibank, 80% of respondent says that in the event they are being retrenched or laid off, they would only have savings to last approximately 3 months.

I believe the situation is going to get worse after Jan 2009 or CNY. Make you wonder how are Singaporeans going to get through all these.

Those who are single should be quite safe but people who are married with children and wife not working will be in deep deep trouble.

R4g3 · Dec 26, 2008

3 months is overrated as most of them are credit card slaves, house loan slaves and car loan slaves. They cant even survive 2 weeks.

I have friends who are in deep financial trouble after being retrenched. the compensation dry up fast and the future looks dark. Most of them can't even survive 1 week after the compensation is used up.

1 friend ever quote me, "even if I don't eat, my car still need to eat." and he is single and living in his parents' house. What about those who are married, with kids, with house loans?

Himerus · Dec 26, 2008

well,no ordinary people will expect the economic to take a sudden turn when the government keeps saying that we are still within the target.
how you expect those daily-rated workers to have much saving when they already have problem with their daily expenses.
yes,those who are married with children and parents staying with them will feel the worst and hard hit.

jw5 · Dec 26, 2008

kchunjeng said:
Hoiiy shit !!

I have S$500,000 cash on hand, with S$500,000 in property. how Iong can I Iast ??

About 20 years if you are thrifty, 10 years if you are not.
But death can come anytime, so it's pointless to wonder how long any of us can last.

jw5 · Dec 26, 2008

chinkangkor said:
It will be a very tough year ahead. The world economy has not reached its bottom yet and world demand will continue to spiral downwards for the next few months.

Companies won't be able to hold on to redundant staff indefinitely without seeing any signs of recovery in the forseeable future.

Budget 2009 is coming very soon ... so keep your fingers crossed.

Fingers crossed for what?
Little drips and draps from the masters?

80% of respondent in survey says they have only 3 months emergency savings

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