The data was based on nearly 200K applications. The most common borrowing reasons are related to living costs and debt
SINGAPORE: More middle-aged Singaporeans seek loans to manage cost-of-living pressures amid escalating household expenses, medical costs, and credit card debt.
This shift contrasted with a decrease in loan applications from younger borrowers aged 18 to 29, whose share had dropped by 25 per cent since 2022, as reported by TODAY. The report highlighted a 35 per cent rise in applications from middle-income earners and a 64 per cent increase from high-income earners .living costs and debt — such as recurring bills, debt consolidation, and existing credit facilities.”
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