Singapore households are earning more than ever before, with the latest General Household Survey showing that nearly one in seven resident families now brings in at least $30,000 a month. Median household income has also reached a record high after accounting for inflation.

But do rising incomes mean Singaporeans are actually better off? Or are higher salaries simply keeping pace with rising costs? And as investment income becomes a larger source of household wealth, what do these trends reveal about inequality and Singapore's economic future?

On The Big Story, Hongbin Jeong speaks with Terence Ho, Executive Director and Associate Professor (Practice) at the Institute for Adult Learning, Singapore University of Social Sciences, and Nominated Member of Parliament, to find out more.