World

Debt burden of young Singaporean adults increases during pandemic

Personal debt among young adults in Singapore has been rising during the COVID-19 pandemic, and the situation could worsen once interest rates start to rise.
Debt burden of young Singaporean adults increases during pandemic ảnh 1Illustrative image (Photo: StraitTimes)
Singapore (VNA) - Personal debt among young adults in Singapore hasbeen rising during the COVID-19 pandemic, and the situation could worsen onceinterest rates start to rise.

Statistics of the Credit Bureau Singapore (CBS) show that the average personal loan and overdraft balances for people in the group age from 20 to 30 years old shot up 23 percent quarter-on-quarter to 49,689 SGD (36,600 USD) in the first quarter of this year, about 42percent higher than the average of 34,941 SGD in the first quarter of last year.

For those under 30, the personal loan delinquency rate climbed 13.4 percent quarter-on-quarter in the period.
The situation could be blamed on rising unemployment rate and lower income due to decreased working time, as many people have accepted cuts in working hours instead of losing their jobs. The unemployment rate among under-30 people was 6.4 percent in March this year./.
VNA
#unemployment rate#debt#young Singapreans#personal loan#Vietnam#Vietnamplus#Vietnam News Agency
Follow VietnamPlus

Related News

Singapore economy expands nearly 15 percent in Q2

Singapore economy expands nearly 15 percent in Q2

Singapore's economy expanded more than initially estimated in the second quarter from a year ago, according to the Ministry of Trade and Industry (MTI), and the government upgraded its growth forecast for the full year, according to Reuters news agency.
COVID-19 pandemic increases unemployment rate

COVID-19 pandemic increases unemployment rate

The COVID-19 pandemic has had great impact on the labour market, with an increase in the unemployment rate, according to the Department of Employment of the Ministry of Labour, Invalids and Social Affairs (MoLISA). ​

See more

At Pulau Seraya power station (Photo: Straitimes)

Singapore begins construction on hydrogen-fueled power plant

Singapore on October 23 began the construction of an 800 million USD power plant that has the capability to use hydrogen to generate electricity, as part of a push to utilise the fuel to reach Singapore’s net-zero carbon emissions target by 2050.

Delegates at the event (Photo: VNA)

125th anniversary of Permanent Court of Arbitration celebrated

The Permanent Mission of Vietnam to the United Nations and missions of the Philippines, Australia, Egypt, Guatemala, Hungary, Thailand, France, Eritrea and Austria, organised a ceremony on October 22 to celebrate the 125th anniversary of the Permanent Court of Arbitration (PCA), as part of the International Law Week at the UN General Assembly's Legal Committee (Sixth Committee).

CEO of the Malaysia Digital Economy Corporation Anuar Fariz Fadzil (Photo: focusmalaysia.my)

Malaysia continues placing emphasis on digitalisation

The Budget 2025 provides significant support to further accelerate Malaysia’s digitalisation, encourage adoption of artificial intelligence (AI) and drive inclusive growth, further positioning Malaysia as a leading digital hub within the ASEAN region, according to CEO of the Malaysia Digital Economy Corporation (MDEC) Anuar Fariz Fadzil.

Malaysia's economic reforms boost investment inflow (Photo: thestar.com.my)

Malaysia's economic reforms boost investment inflow

Malaysia has attracted substantial foreign investments, reaching 22.2 billion MYR (5.16 billion USD) in the third quarter of 2024, the highest level for the same period since 2012, according to UOB's Global Markets and Economics report.

Ambassador Dang Hoang Giang, Permanent Representative of Vietnam to the UN speaks at the debate (Photo: VNA)

Maintaining peace, stability a must for progress on human rights: Ambassador

Progress in human rights can only be achieved by maintaining peace and stability, respecting the rule of law at both the international and national levels, and ensuring respect for the principles of national sovereignty and non-interference in internal affairs, said Ambassador Dang Hoang Giang, Permanent Representative of Vietnam to the UN.

A visitor browses travel promotions at a travel fair in Nonthaburi province. (Photo: Bangkok Post)

Thailand plans enhanced support for domestic tourism

Thailand’s Ministry of Tourism and Sports is aiming to increase subsidy to local tourists in the upcoming stimulus scheme to 50% and would like to change the criteria for online travel agents, mandating them to register in Thailand to avoid losing income to foreign companies.

Oil field offshore Indonesia. (Photo: thejakartapost.com)

Indonesia begins major oil, gas exploration in Sulawesi

Indonesia's state-owned oil company Pertamina, along with foreign partners Sinopec from China and Kuwait’s Kufpec, has signed a contract to explore the Melati oil and gas block, located off the coast of Sulawesi. The block is estimated to contain trillions of cubic feet of gas reserves.