Trend of Fast-growing Household Liabilities on Singapore's Fiscal Health and Effectiveness of Existing Fiscal Policies

Parliamentary Question by Mr Lee Hong Chuang:

To ask the Prime Minister and Minister for Finance in view of recent reports that household liabilities have grown at a faster rate than household assets (a) what effect will this trend have on Singapore’s fiscal health and the effectiveness of Singapore’s existing fiscal policies; and (b) whether the Ministry have any intention to intervene in this matter.

Parliamentary Reply by Senior Minister of State for Finance, Mr Jeffrey Siow:

The increase in Household Liabilities has no direct impact on our Overall Fiscal Position, which is determined by the Government’s revenues and expenditures. MAS works closely with relevant Government agencies to monitor household leverage and encourage prudent borrowing.

The member may wish to refer to the reply to Parliamentary Question No. 39, asked by Mr Fadli Fawzi for the sitting on 8 April 2026, for part (b) of his question.