A DBS study found that some segments of society saw income growth of only 2.5 per cent over the year, lower than the inflation rate of 5.6 per cent. PHOTO: ST FILE
Low-income households, defined as those earning less than $2,500 a month, and baby boomers have been among the hardest hit by inflation and sluggish income growth, pushing them to spend almost all of their income every month. The low-income households essentially have less to spend now as their income gets whittled down by inflation.DBS senior economist Irvin Seah said the $1.5 billion support package, which was announced in June to help low-income households and vulnerable groups cope with rising inflation, will provide some relief.The DBS study found that the average consumer has spent more of his income - 64 per cent as at May this year, up from 59 per cent in May last year.
By the time they retire, they would not have enough money, with some even feeling the pinch of spending $40 for a group lunch, he added.
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