Singapore household debt climbs

In check: Tourists swim on the rooftop pool of Marina Bay Sands hotel in Singapore. Household debt in the third quarter of 2024 in the city-state was up by 3.6% year on year. — Reuters

SINGAPORE: The debt of households in Singapore may have risen in the past year, but their financial assets such as cash and stocks grew at a faster pace, so they can withstand pressures, says the central bank.

This is because income growth has been healthy and has outpaced debt accumulation, the Monetary Authority of Singapore (MAS) said in its annual financial stability review on Nov 27.