I’ve been writing finance guides at MoneySmart for over 2 years now. The best part about my job? Knowing that the content I create helps people.
But the hardest part about writing finance guides for Singaporeans? Making assumptions. To reach and help the greatest number of folks, I more often than not have to make assumptions to profile the core demographic I’m writing about: anything from their educational attainment and nationality to their neurotypicality and sexuality.
Today, I’m writing for the LGBTQ+ readers out there. A lot of general money advice assumes a very specific kind of life: Get married young. Buy a flat with your spouse. Combine CPF. Have kids. Retire on dual incomes. But for many LGBTQ+ people in Singapore, these life stages simply aren’t part of their reality.
LGBTQ+ folks are navigating a system that was never built with them in mind. From HDB restrictions to the absence of spousal recognition in CPF and insurance, stuff gets complicated fast if you’re not straight, not married, or not legally protected.
In this piece, we’re unpacking why popular financial advice might not land the same way if you’re queer. We’re not here to reinvent the wheel, but to look at how it turns when the road isn’t straight. Here are 6 pieces of financial advice that seem universal, but fall short for LGBTQ+ folks in Singapore.
Financial advice that doesn’t work for LGBTQ+ people—and what to do instead
- “Invest in property in your 20s to build wealth”
- “DINK to FIRE”
- “Spend no more than 15% of take-home pay on insurance”
- “Use your MediSave for your partner’s bills”
- “Use employee benefits for your spouse or child”
- “Make a will when you have kids or assets”
- How can LGBTQ+ people plan their finances in Singapore?
- Conclusion
1. “Invest in property in your 20s to build wealth”
Buying property young is often framed as a no-brainer way to build wealth. But for LGBTQ+ Singaporeans, it’s rarely that straightforward.
Same-sex couples can’t apply for a Build-to-Order (BTO) flat together, which means many end up with one partner buying as a single—missing out on grants meant for couples. The Joint Singles Scheme technically allows 2 singles to co-own a resale flat from age 35, but this is not encouraged because you end up tying both names to one property, disallowing the couple from owning a second property under one of their names down the road.
Meanwhile, heterosexual married couples can access subsidised BTOs years earlier, with better financing options. That early head start translates into lower housing costs, faster equity growth, and long-term security.
For many queer Singaporeans, homeownership is delayed, more expensive, and far more complicated than the advice makes it seem.
2. “DINK to FIRE”
As far as financial fantasies go, this one’s a modern classic: be a DINK—dual income, no kids—and you’ll coast into FIRE—financial independence, retire early. Two salaries, no childcare costs, and a clear path to wealth. But for LGBTQ+ couples, that path is rarely so straightforward.
Even with 2 incomes and no kids, queer couples often face roadblocks that don’t show up in traditional FIRE models. There’s no spousal CPF sharing, no tax relief, and no HDB grants for couples without legal recognition. You’re managing shared expenses without the legal tools that help stretch a dollar further.
On top of that, many LGBTQ+ folks deal with higher healthcare and legal costs, income instability, or family estrangement—factors that don’t fit neatly into FIRE spreadsheets.
Being child-free helps. But when the system doesn’t recognise your relationship, the road to early retirement isn’t just longer—it’s steeper.
3. “Spend no more than 15% of take-home pay on insurance”
A common budgeting tip is to cap insurance spending at 15% of your take-home pay. But that guideline assumes you’re accessing standard, affordable coverage—and that your healthcare needs fit within the default.
For many LGBTQ+ people, especially trans individuals, that’s not the case.
Gender-affirming care, hormone therapy, or surgeries often aren’t covered by standard health insurance plans in Singapore. MediSave typically doesn’t apply either. This means trans people may need to pay out of pocket or seek private plans that offer better (but pricier) coverage—if they’re even eligible.
On top of that, disclosing certain medical histories or identities can lead to exclusions or higher premiums during underwriting.
So while the 15% rule may work for some, LGBTQ+ individuals often need more room in their budget to access the protection others take for granted.
4. “Use your MediSave for your partner’s bills”
On paper, MediSave is a helpful tool—it lets you pay for a loved one’s hospital bills using your CPF savings. But there’s a catch: you can only use it for legally recognised family members. That includes your spouse, parents, or children—but not your same-sex partner.
This means LGBTQ+ couples must plan separately for medical expenses. There’s no shared safety net or pooled healthcare buffer. Each person needs enough savings, insurance, or support to cover their own costs—because the system doesn’t allow you to step in financially, even in times of crisis.
It’s a quiet exclusion, but one with serious implications. While other couples can rely on shared MediSave, queer partners are expected to go it alone.
5. “Use employee benefits for your spouse or child”
Many financial planning guides recommend making the most of your employee benefits—like medical coverage for your spouse, or paid leave to care for a child. It’s solid advice—if your family structure fits the default.
In Singapore, most workplace benefits are tied to legal definitions of family. That means spousal healthcare, insurance, and caregiving leave are typically reserved for legally married partners and biological or legally adopted children.
For LGBTQ+ individuals, this creates a major gap. Your partner might not be eligible for your medical plan. You may not be granted time off to care for them. Even children in queer families can fall through the cracks if legal parenthood isn’t recognised.
So while others rely on HR for support in tough times, LGBTQ+ families are often left to self-fund—and plan twice as hard for the same peace of mind.
6. “Make a will when you have kids or assets”
Conventional wisdom says you only need a will once you’ve got kids, a house, or significant assets. But for LGBTQ+ individuals, legal planning isn’t a milestone—it’s a necessity.
Without legal marriage, many protections that straight couples take for granted don’t apply. Your partner may not automatically inherit your property. They may be shut out of medical decisions, or lose access to shared assets if you pass away.
That’s why queer Singaporeans often need to do their estate planning earlier and more thoroughly—especially to protect partners, friends, or chosen family. A will ensures your wishes are honoured. A Lasting Power of Attorney (LPA) lets someone you trust make decisions if you’re unable to. CPF nominations prevent your funds from defaulting to biological relatives by law.
It’s not about being morbid. It’s about making sure your life—and the people you love—are protected on your own terms.
7. How can LGBTQ+ people plan their finances in Singapore?
If you’re LGBTQ+, it’s easy to feel like the financial system wasn’t built with you in mind—because, well, it wasn’t. But don’t be disheartened. While some advice may not fit neatly, that doesn’t mean you’re out of options.
There are ways to build a financial life that’s secure, empowering, and deeply your own. Whether you’re planning with a partner, chosen family, or just for yourself, here are a few ways to shape a plan that reflects your reality.
1. Be proactive about legal protection
Don’t wait for the system to catch up. Start with what you can control.
- Draft a will to protect your partner or chosen family.
- Set up a Lasting Power of Attorney (LPA) so someone you trust can act on your behalf.
- Use tenancy-in-common for shared property, with clear ownership percentages.
- Complete your CPF nominations. Remember, funds won’t automatically go to your partner.
These steps create peace of mind, and they make sure your choices—not default rules—are what get honoured.
2. Review your insurance and budget realistically
Most advice is built around a narrow idea of what a life should look like. If yours doesn’t follow that script, your financial planning shouldn’t have to either.
- Budget more for health insurance, especially if you need gender-affirming care, fertility services, or LGBTQ+-friendly mental health support.
- Ask your insurer what’s actually covered instead of relying on assumptions.
- If your partner isn’t recognised under your plan, consider two separate policies for full coverage.
Your safety net might cost more, but it’s worth building one that actually catches you.
3. Find queer-aware financial professionals
You shouldn’t have to figure this out on your own, and you don’t have to.
- Look for financial advisors, lawyers, or insurance agents who understand LGBTQ+ realities.
- Don’t be shy—ask if they’ve worked with queer clients before.
- Be cautious of anyone selling a one-size-fits-all plan.
Work with professionals who understand your context, not just your numbers. The right advisor won’t just help you plan better, they’ll help you feel seen. Here are some communities and resources you can tap on:
- Haus of Pride – LGBTQ-friendly property agents who help queer individuals navigate Singapore’s housing market with support and understanding.
- Oogachaga – Singapore’s leading LGBTQ+ community organisation providing counselling, support, and resources for mental and emotional wellbeing.
- Prident – A multidisciplinary collective offering queer-inclusive advice on finance, property, legal planning, and more.
- TallRock Capital – A wealth advisory firm that offers inclusive financial planning services tailored for LGBTQ+ clients.
8. Conclusion
A lot of financial advice comes with built-in assumptions about who you are, who you love, and how your life is structured. For LGBTQ+ people in Singapore, those assumptions don’t always hold, and the advice doesn’t always fit.
Many financial platforms often put out content with the majority in mind—we, too, always strive to write articles that help as many people as possible. But that doesn’t mean that addressing the realities of LGBTQ+ people should be an afterthought. Good financial advice should meet you where you are, even if the system hasn’t quite caught up yet.
This article was first drafted with the help of AI and later reviewed and refined by the author.
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About the author
Vanessa Nah likes her finance articles the way she likes her sitcoms—light-hearted, entertaining, and leaving people knowing a little more about life. She believes money—like life—should be made simple. Outside of work, you’ll find Vanessa attending dance classes, fingerpicking a guitar, and fulfilling her life mission to make her one-eyed cat the most spoiled kitty in the world.
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