Cost Of Living in Sri Lanka 2024

Average monthly spending for singles, couples, students, and families in Sri Lanka

Whether you're living in Sri Lanka or planning to move there, it is very important to know the cost of living and the prices of things. Here we list the average spending for the four main population groups.

Average Monthly Expenditure

530,000 LKR

per month
$1,700

41,000 LKR   $130
$17,000   5.3M LKR

Single

370,000 LKR

per month
$1,200

120,000 LKR   $400
$7,900   2.4M LKR

Couple

610,000 LKR

per month
$2,000

200,000 LKR   $660
$11,000   3.3M LKR

Family

810,000 LKR

per month
$2,600

290,000 LKR   $930
$15,000   4.5M LKR

Student

240,000 LKR

per month
$770

95,000 LKR   $310
$1,400   430,000 LKR
The figures displayed here are inclusive of everything: housing, travel, groceries, healthcare, etc.

Singles

The average monthly expense for a single person living in Sri Lanka is 370,000 LKR. Expenses can range from 120,000 LKR at the minimum level to 2.4M LKR at the highest end.


Couples

The average monthly spending of couples in Sri Lanka is 610,000 LKR. Expenditure can range from 200,000 LKR to 3.3M LKR per month.


Families

The average cost of living for families in Sri Lanka is 810,000 LKR per month. Families spend anywhere from 290,000 LKR to 4.5M LKR.


Students

The average monthly expenditure for students in Sri Lanka is 240,000 LKR. Students spend from 95,000 LKR to 430,000 LKR per month.


Spending behavior can change drastically from one person to another. It is best to consider the minimum, average, and maximum spending together.

Prices and cost of goods and services in Sri Lanka


Dining, food, and beverages costs


Large bottle of water
62 LKR 70 LKR 81 LKR
MINIMUM AVERAGE MAXIMUM
$0.20 $0.23 $0.26
Fast food combo meal
530 LKR 1,100 LKR 1,800 LKR
MINIMUM AVERAGE MAXIMUM
$1.7 $3.4 $5.7
Restaurant meal for one
1,800 LKR 2,600 LKR 5,300 LKR
MINIMUM AVERAGE MAXIMUM
$5.7 $8.5 $17
Fine dining meal for one
3,500 LKR 5,300 LKR 21,000 LKR
MINIMUM AVERAGE MAXIMUM
$11 $17 $68
Soda or Soft Drink
75 LKR 88 LKR 110 LKR
MINIMUM AVERAGE MAXIMUM
$0.24 $0.28 $0.34
Cappuccino or latte
440 LKR 700 LKR 1,100 LKR
MINIMUM AVERAGE MAXIMUM
$1.4 $2.3 $3.4

Grocery and market costs


Milk large bottle
350 LKR 420 LKR 530 LKR
MINIMUM AVERAGE MAXIMUM
$1.1 $1.4 $1.7
Loaf of bread
63 LKR 72 LKR 83 LKR
MINIMUM AVERAGE MAXIMUM
$0.21 $0.23 $0.27
12 eggs
260 LKR 350 LKR 530 LKR
MINIMUM AVERAGE MAXIMUM
$0.85 $1.1 $1.7
Fresh whole chicken
600 LKR 770 LKR 1,100 LKR
MINIMUM AVERAGE MAXIMUM
$1.9 $2.5 $3.6
Beef 1 kg or 1 lb
700 LKR 1,100 LKR 2,100 LKR
MINIMUM AVERAGE MAXIMUM
$2.3 $3.4 $6.8
Rice 1 kg or 1 lb
280 LKR 390 LKR 550 LKR
MINIMUM AVERAGE MAXIMUM
$0.92 $1.3 $1.8
Tomato 1 kg or 1 lb
110 LKR 140 LKR 260 LKR
MINIMUM AVERAGE MAXIMUM
$0.34 $0.45 $0.85
Apples 1 kg or 1 lb
190 LKR 250 LKR 400 LKR
MINIMUM AVERAGE MAXIMUM
$0.61 $0.80 $1.3

Commute, travel, and transportation costs


20 minutes taxi ride
440 LKR 530 LKR 1,100 LKR
MINIMUM AVERAGE MAXIMUM
$1.4 $1.7 $3.4
Average car full tank
2,600 LKR 3,500 LKR 7,000 LKR
MINIMUM AVERAGE MAXIMUM
$8.5 $11 $23
Average car 1-day rental
2,600 LKR 3,500 LKR 5,300 LKR
MINIMUM AVERAGE MAXIMUM
$8.5 $11 $17
Average car price
1.3M LKR 2.6M LKR 3.5M LKR
MINIMUM AVERAGE MAXIMUM
$4,300 $8,500 $11,000
Bus ticket one way
88 LKR 130 LKR 260 LKR
MINIMUM AVERAGE MAXIMUM
$0.28 $0.43 $0.85
Car Service
3,500 LKR 5,300 LKR 11,000 LKR
MINIMUM AVERAGE MAXIMUM
$11 $17 $34

Utility cost (monthly)


Utility Bill - Individual
7,300 LKR 22,000 LKR 150,000 LKR
MINIMUM AVERAGE MAXIMUM
$24 $71 $480
Utility Bill - Couple
10,000 LKR 31,000 LKR 160,000 LKR
MINIMUM AVERAGE MAXIMUM
$33 $99 $530
Utility Bill - Family
8,600 LKR 24,000 LKR 130,000 LKR
MINIMUM AVERAGE MAXIMUM
$28 $79 $440
Internet and cable
2,600 LKR 5,300 LKR 7,000 LKR
MINIMUM AVERAGE MAXIMUM
$8.5 $17 $23
Mobile phone charges
2,100 LKR 3,500 LKR 11,000 LKR
MINIMUM AVERAGE MAXIMUM
$6.8 $11 $34

Leisure and activities costs


Movie ticket
1,300 LKR 1,800 LKR 2,600 LKR
MINIMUM AVERAGE MAXIMUM
$4.3 $5.7 $8.5
One month gym membership
4,200 LKR 5,300 LKR 11,000 LKR
MINIMUM AVERAGE MAXIMUM
$14 $17 $34

Cloths and accessories costs


Pair of jeans or pants
3,100 LKR 4,400 LKR 6,600 LKR
MINIMUM AVERAGE MAXIMUM
$10 $14 $21
Woman dress
2,900 LKR 4,000 LKR 13,000 LKR
MINIMUM AVERAGE MAXIMUM
$9.5 $13 $43
Woman shoes
2,800 LKR 3,800 LKR 8,800 LKR
MINIMUM AVERAGE MAXIMUM
$9 $12 $28
Men's shoes
2,400 LKR 2,900 LKR 5,800 LKR
MINIMUM AVERAGE MAXIMUM
$7.7 $9.5 $19
Men suit
2,600 LKR 3,300 LKR 18,000 LKR
MINIMUM AVERAGE MAXIMUM
$8.5 $11 $57
Regular t-shirt
1,300 LKR 1,800 LKR 5,300 LKR
MINIMUM AVERAGE MAXIMUM
$4.3 $5.7 $17

Housing costs / monthly rent


Studio apartment
44,000 LKR 66,000 LKR 180,000 LKR
MINIMUM AVERAGE MAXIMUM
$140 $210 $570
1-bedroom apartment
66,000 LKR 110,000 LKR 260,000 LKR
MINIMUM AVERAGE MAXIMUM
$210 $340 $850
2-bedroom apartment
88,000 LKR 130,000 LKR 350,000 LKR
MINIMUM AVERAGE MAXIMUM
$280 $430 $1,100

Housing costs / Buying


Studio apartment
8.8M LKR 13M LKR 26M LKR
MINIMUM AVERAGE MAXIMUM
$28,000 $43,000 $85,000
1-bedroom apartment
11M LKR 18M LKR 66M LKR
MINIMUM AVERAGE MAXIMUM
$34,000 $57,000 $210,000
2-bedroom apartment
18M LKR 53M LKR 110M LKR
MINIMUM AVERAGE MAXIMUM
$57,000 $170,000 $340,000

Furniture Costs


King Size Bed
53,000 LKR 66,000 LKR 88,000 LKR
MINIMUM AVERAGE MAXIMUM
$170 $210 $280
Double Bed
35,000 LKR 53,000 LKR 66,000 LKR
MINIMUM AVERAGE MAXIMUM
$110 $170 $210
Single Bed
31,000 LKR 40,000 LKR 53,000 LKR
MINIMUM AVERAGE MAXIMUM
$100 $130 $170
Living Room
58,000 LKR 75,000 LKR 260,000 LKR
MINIMUM AVERAGE MAXIMUM
$190 $240 $850
Dining Table
26,000 LKR 35,000 LKR 66,000 LKR
MINIMUM AVERAGE MAXIMUM
$85 $110 $210
Sofa or Couch
35,000 LKR 48,000 LKR 110,000 LKR
MINIMUM AVERAGE MAXIMUM
$110 $150 $340

Electronics and House Appliance Costs


TV Set
35,000 LKR 53,000 LKR 110,000 LKR
MINIMUM AVERAGE MAXIMUM
$110 $170 $340
Fridge or Freezer
31,000 LKR 48,000 LKR 66,000 LKR
MINIMUM AVERAGE MAXIMUM
$100 $150 $210
Washing Machine
40,000 LKR 58,000 LKR 110,000 LKR
MINIMUM AVERAGE MAXIMUM
$130 $190 $340
Stove or Cooker
38,000 LKR 48,000 LKR 66,000 LKR
MINIMUM AVERAGE MAXIMUM
$120 $150 $210
Mobile Phone
44,000 LKR 53,000 LKR 75,000 LKR
MINIMUM AVERAGE MAXIMUM
$140 $170 $240
Laptop or Computer
48,000 LKR 58,000 LKR 110,000 LKR
MINIMUM AVERAGE MAXIMUM
$150 $190 $340

Expenditure to Income Ratio in Sri Lanka

One of the most definite ways to determine how affordable a place is measuring the ratio of expenses to salary. A high expense-to-income to ratio indicates a high cost-of-living index while a low expenditure-to-salary ratio means the place is affordable to live in.


Spending to Income Ratio

88%

82% to 96%

( expenditure / income ) x 100


Expense to income distribution levels

Spending To Income Ratio% People
< 50%4%
50% - 60%8%
60% - 70%14%
70% - 80%24%
80% - 90%21%
90% - 100%11%
100% - 110%6%
110% - 120%4%
120% - 130%3%
130% - 140%2%
> 140%2%

Interpretation and Analysis

The average spending-to-salary ratio in Sri Lanka is 88% This means that on average, people spend around 88% of their income for living. According to the distribution table, 14% of the population spend approximately 60% to 70% of their income every month.


How can spending be more than income?

A value higher than 100% means that the expenditure of those people is higher than their income. They are spending more than what they earn. This is possible in two scenarios. They are either borrowing from their savings to survive or they are borrowing from other sources (relatives, friends, banks, etc.). More about this in the debt section.



Individual
79%
Spending-Income-Ratio
74%
86%

Couple
84%
Spending-Income-Ratio
78%
91%

Family
92%
Spending-Income-Ratio
86%
100%

How do people spend their money in Sri Lanka?

We asked thousands of people about their spending habits and expenditure breaks. Below are their answers.

The percentage figures in this section are percentages of total spending not income. If you would like to see the percentage of expenses as related to income or salary, see other sections.

Housing Expenditure23%

23% of total expenses on average (12% to 31%)

LOW$40   12,000 LKR
AVERAGE$520   160,000 LKR
HIGH$5,200   1.6M LKR
Per Month

People living in Sri Lanka typically spend from 12% to 31% of their total monthly expenditure on housing with 23% being the average. The average spend on housing is 160,000 LKR with expenditure ranging from 12,000 LKR to 1.6M LKR. This cost mainly goes for rent but it also includes other accommodation-related expenses. Housing costs are highest for families and lowest for students as expected.

Utilities, Electricity, Water8%

8% of total expenses on average (5% to 12%)

LOW$6.6   2,000 LKR
AVERAGE$86   26,000 LKR
HIGH$860   260,000 LKR
Per Month

Utility expenditure like electricity, water, and gas in Sri Lanka ranges from 5% to 12% of total expenses with 8% being the average. The average monthly cost of utilities is 26,000 LKR with 2,000 LKR and 260,000 LKR being the upper and lower limits.

Transport, Fuel, Commute6%

6% of total expenses on average (3% to 10%)

LOW$13   4,100 LKR
AVERAGE$170   53,000 LKR
HIGH$1,700   530,000 LKR
Per Month

Fuel consumption and cost of transport depend heavily on whether you live near your work or school, but roughly speaking you would expect to spend from 4,100 LKR to 530,000 LKR on commuting with 53,000 LKR being the norm for most people in one month. This means that money spent on transport constitutes about 6% of total spending on average but can go as low as 3% or as high as 10%.

Food and Groceries Cost29%

29% of total expenses on average (21% to 35%)

LOW$33   10,000 LKR
AVERAGE$430   130,000 LKR
HIGH$4,300   1.3M LKR
Per Month

The average outlay on groceries in a month in Sri Lanka is 130,000 LKR. The cost of groceries can range between 10,000 LKR to 1.3M LKR. People spend on average about 29% on food and groceries with upper and lower bounds of 21% and 35% respectively.

Healthcare and Medical Services11%

11% of total expenses on average (6% to 14%)

LOW$9.3   2,900 LKR
AVERAGE$120   37,000 LKR
HIGH$1,200   370,000 LKR
Per Month

People in Sri Lanka allocate 6% to 14% of their total monthly expenditure to healthcare including health insurance and out-of-pocket medical expenses. The average spending is around 11%. The range of medical expenses range from 2,900 LKR to 370,000 LKR with 37,000 LKR being the norm.

Leisure and Shopping4%

4% of total expenses on average (2% to 8%)

LOW$5.3   1,600 LKR
AVERAGE$69   21,000 LKR
HIGH$690   210,000 LKR
Per Month

This category mostly contains discretionary or non-essential expenses but also some non-discretionary spending like furniture for example. The monthly expenses range from 1,600 LKR to 210,000 LKR with 21,000 LKR being the average. Speaking of percentages, that equates to 2% to 8% of total expenses with an average of 4% for most residents.

Education and Schooling5%

5% of total expenses on average (3% to 11%)

LOW$7.9   2,400 LKR
AVERAGE$100   32,000 LKR
HIGH$1,000   320,000 LKR
Per Month

Spending on education can vary drastically between different people. While working singles can spend 0% on education, families and students' expenditure can reach up to 22%. On average, education constitutes 5% of the monthly expenditure with 3% and 11% being the lower and upper bounds respectively. The average reported education cost is 32,000 LKR per month with 2,400 LKR being the minimum spent amount and 320,000 LKR being the maximum.

Other Expenses14%

14% of total expenses on average (9% to 21%)

LOW$17   5,300 LKR
AVERAGE$220   69,000 LKR
HIGH$2,200   690,000 LKR
Per Month

How much money can you save in Sri Lanka every month?

We asked thousands of people what percentage of their income can they save in a month. Below are the answers.


What percentage of people in Sri Lanka manage to save money from their income every month?


Saving Money
55%
Not Saving
45%

Almost 55% of the surveyed people in Sri Lanka said that they can save some money at the end of each month while 45% said that aren't saving anything.


Percentage of people saving money by population group in Sri Lanka

GroupSaversNon Savers
Singles57%43%
Couples52%48%
Families47%53%

Savings-to-Income Ratio

The savings-to-income ratio is measured as the percentage of income that people save over a specific period and it is simply calculated by dividing the saved money by total income and then multiplying the result by 100. (Savings / Income) x 100.


Saving to Income Ratio

7% 13% of income 27%
MINIMUM AVERAGE MAXIMUM

Average Monthly Saved Amount

12,000 LKR
$38
150,000 LKR
$500
1.5M LKR
$5,000
MINIMUM AVERAGE MAXIMUM

For most people, 7% to 27% of their monthly income is what they can allocate to their savings, with 13% being the average. The amount of money that people can save is approximately 150,000 LKR on average with savings ranging from 12,000 LKR to 1.5M LKR.

57% of surveyed singles reported some of their income going to savings while 52% of couples said the same. 47% of families confirmed their ability to save money.


How much money do people actually save in Sri Lanka?

The amount of money that people can afford to save depends hugely on their income. It is better to focus on the percentage when trying to understand saving patterns.


Singles

Saving to Income Ratio

10% 17% of income 29%
MINIMUM AVERAGE MAXIMUM

Average Monthly Saved Amount

35,000 LKR
$110
110,000 LKR
$340
710,000 LKR
$2,300
MINIMUM AVERAGE MAXIMUM

Savings to income distribution levels for singles

Saving To Income Ratio% Singles
0% - 10%33%
10% - 20%26%
20% - 30%17%
30% - 40%12%
40% - 50%9%
> 50%3%

Interpretation and Analysis

Singles who can afford to save reported that they allocate from 10% to 29% of their monthly income to savings, with 17% being the average for most singles. The average amount of money that singles are able to save is 110,000 LKR with 35,000 LKR and 710,000 LKR being the minimum and maximum respectively.


Couples

Saving to Income Ratio

8% 15% of income 28%
MINIMUM AVERAGE MAXIMUM

Average Monthly Saved Amount

59,000 LKR
$190
180,000 LKR
$570
940,000 LKR
$3,100
MINIMUM AVERAGE MAXIMUM

Savings to income distribution levels for couples

Saving To Income Ratio% Couples
0% - 10%37%
10% - 20%28%
20% - 30%20%
30% - 40%7%
40% - 50%6%
> 50%2%

Interpretation and Analysis

Couples who confirmed their ability to save reported saving equivalent to 8% to 28% of their monthly income, with 15% being the average for most couples. The average amount of money that couples can save is 180,000 LKR with 59,000 LKR and 940,000 LKR being the minimum and maximum respectively.


Families

Saving to Income Ratio

7% 13% of income 26%
MINIMUM AVERAGE MAXIMUM

Average Monthly Saved Amount

82,000 LKR
$270
240,000 LKR
$760
1.3M LKR
$4,200
MINIMUM AVERAGE MAXIMUM

Savings to income distribution levels for families

Saving To Income Ratio% Families
0% - 10%40%
10% - 20%31%
20% - 30%21%
30% - 40%4%
40% - 50%3%
> 50%1%

Interpretation and Analysis

Families in Sri Lanka can save anywhere between 7% to 26% of their monthly income, with 13% being the average for most families. The average amount of money that families can put aside is 240,000 LKR with 82,000 LKR and 1.3M LKR being the minimum and maximum respectively.

A typical and healthy budgeting structure

The 50/30/20 rule

Spending among different people can vary significantly based on factors such as their income, lifestyle, location, and personal preferences. A commonly used guideline for budgeting is the 50/30/20 rule, which suggests allocating your income into three main categories in the following percentages.

  • 50% for needs and financial obligations

    This category includes essential expenses like housing, utilities, groceries, transportation, and healthcare.

  • 30% for wants and discretionary spending

    This category covers discretionary spending on non-essential items, such as dining out, entertainment, travel, and other lifestyle choices.

  • 20% for savings and emergency fund

    This is the percentage that must be allocated to savings, emergency funds, and retirement accounts.

About financial planning, money management, and household budgeting

The 50/30/20 rule is used as a general guideline but may not be the best choice for all people. There are in fact many budgeting plans out there like the 70/20/10 and the 60/20/20 rules, all claiming to be the best. More important than all of this is to establish financial discipline by creating a budget tailored to your specific financial goals and situation. It is very important that your financial outflow be less than your income to maintain a healthy cash flow.

Affordable living in Sri Lanka

Income and cost of living compatibility

We asked residents one simple question and recorded their answers.

Is it affordable or economical to live in Sri Lanka?


Yes
46%
No
54%

Around 46% of surveyed residents think that living in Sri Lanka is affordable with proper budgeting while 54% reported that it is just too expensive and not affordable even with frugality and thriftness.

Low-cost alternatives in Sri Lanka

People are always looking for ways to cut down expenses and reduce expenditures. The hallmark of any affordable place is the availability of discount stores, bargain deals, smart or secondhand shopping, refurbished items, and couponing. We asked residents how easily cost-cutting is and the answers were distributed as follows:

Plenty of low-cost options55%

Few low-cost options45%


Based on the survey, 55% of the people living in Sri Lanka have no problem finding low-cost alternatives to support a frugal lifestyle while 45% think that thriftness is difficult due to scarcity in discount markets and secondhand outlets.

Emergency Funds

An emergency fund is a financial safety net comprised of easily accessible savings set aside to cover unexpected expenses or financial emergencies, typically amounting to three to six months' worth of living expenses. We asked residents of Sri Lanka whether they have an emergency fund and the answers were as follows.

Yes46%

No54%


Based on the survey, 54% of the people living in Sri Lanka said that they don't have an emergency fund while 46% said that they do.

Financial Literacy in Sri Lanka

Financial literacy is the knowledge of concepts and principles related to personal finance that allow individuals to make informed decisions regarding their money such as budgeting, saving, investing, borrowing, managing debt, financial risk management, and planning.

Financial Leteracy41%


We asked residents of Sri Lanka whether they acquired any adequate personal financial training in their lives. Approximately 59% of the people who participated in the survey said that they are not well informed about the topics of budgeting, saving, etc., and just manage things based on their own experience, while 41% said that they know about the general principles of personal finance from sources other than their own experience.


Difficulty in Budgeting and Financial Planning

We wanted to understand whether residents of Sri Lanka have problems or difficulties in managing their expenditures and savings so asked the people one simple question: do you struggle with your personal finances? 51% of the participants reported that they indeed struggle in creating budgets and in organizing their finances while 49% said that they have everything under control.

Struggles with finance51%

Easily manages finances49%

Financial goals of people in Sri Lanka

In an attempt to understand the economic situation in Sri Lanka, we asked participants about their financial targets. By knowing what the population in general is trying to achieve, we can shed light on the economic outlook, cost of living, and quality of life in general.


Financial Goal% People
Emergency Fund9%
Debt Reduction45%
Retirement Savings11%
Education Funding6%
Homeownership19%
Investing6%
Travel or Lifestyle5%
Healthcare Expenses15%
Financial Independence4%

Around 9% of those who participated in the survey said that their main goal is to establish an emergency fund to cover unexpected expenses while 45% said their number one priority is to pay off high-interest debt or loans and improve credit. 11% of surveyed people confirmed that saving for retirement to ensure a comfortable lifestyle in the final years is their main target. Around 6% reported that their priority is saving for the tuition fees and education costs of their children while 19% choose to buy a home or pay off existing mortgage before other things. 6% of the population would like to build wealth through investments such as stocks, bonds, mutual funds, or real estate. For 5% of people, saving for vacations or upgrading their lifestyle is the number one concern. Approximately 15% of the residents said that saving for healthcare expenses including insurance premiums is their main goal.

Saving Challenges in Sri Lanka

Reasons that make it difficult for people to save money

We wanted to understand what is stopping people from maximizing their savings in Sri Lanka. Listed below are the answers given by the survey participants.


Reason% People
Low Income4%
High Expenses7%
Debt and Loans12%
Lack of Budgeting Skills12%
Impulsive Spending12%
Financial Emergencies7%
Living the moment5%
Will do it later22%
Inflation14%
Social Pressure3%
Market Instability2%

Around 4% of the people said that their salary is too low to accommodate a portion for savings while 7% said that the high cost of living leaves little room for savings. 12% of the residents said that they are burdened with debt and find it challenging to save money. 12% reported that they just don't have the knowledge or discipline to create and stick to a budget, leading to overspending and an inability to save. 12% blamed impulsive spending as the reason for saving inability. Around 7% said that unexpected expenses like medical bills or car repairs are derailing their savings goals. 5% bluntly said that they don't see the purpose of it and prefer to live each day to the fullest. 22% reported that they understand the value of saving but are putting off saving for the future, thinking they have plenty of time to start later. 14% blamed inflation, saying that every time they save some money they end up using it immediately. A surprising 3% said that social pressure and keeping up with peers or societal expectations makes them overspend. Lastly, 2% blamed market instability and price fluctuations.

Typical saving choices for people in Sri Lanka

Where do people choose to put their savings?


Saving Type% People
Emergency Funds13%
Gold14%
Savings Accounts17%
Retirement Accounts9%
Cash Savings22%
Real Estate9%
Investment5%
Stocks4%
Bonds4%
Mutual Funds2%
Certificates of Deposit3%

Retirement, pension plans, and life after work in Sri Lanka

What does the retirement lifestyle look like in Sri Lanka and how much retirement savings are required?

Retirement age

The retirement age for most employees in Sri Lanka is 65 years. Specific retirement ages can vary based on factors like occupation, gender, years of contribution, and location. It is not entirely unlikely for people to retire either before or after this age.

Retirement planning and savings

There are many retirement saving options, some are personally initiated and others are government-sponsered. Regardless of the source of savings, the minimum amount of money that needs to be put aside to ensure a peaceful and comfortable retirement at each age can be found in the table below. This data is largely approximated and can vary drastically based on individual needs and situations. Treat these figures as a general guideline.


The typical saved amount of money you should have at every age as multiples of monthly salary:
AgeAmount
255x monthly salary at age 25
3010x monthly salary at age 30
3515x monthly salary at age 35
4025x monthly salary at age 40
4532x monthly salary at age 45
5048x monthly salary at age 50
5556x monthly salary at age 55
6064x monthly salary at age 60
6578x monthly salary at age 65

The typical average saved amount of money you should have at every age in Sri Lanka:
AgeAmount
251.4M LKR
302.7M LKR
354.8M LKR
406.8M LKR
4510M LKR
5014M LKR
5517M LKR
6021M LKR
6525M LKR

Retirement Income Distribution

We asked residents of Sri Lanka about their retirement income sources and below are the results.

Source% People
Pensions11%
Savings24%
Investments11%
Social Security6%
Annuities6%
Part-time Job16%
Real Estate19%
Dividends and Interest6%

Retirement Monthly Expenses in Sri Lanka

91,000 LKR
$290
270,000 LKR
$880
1.8M LKR
$5,900
MINIMUM AVERAGE MAXIMUM

Debt, loans, and mortgages in Sri Lanka


Percentage of people who are in debt


In Debt
29%
Debt Free
71%

According to the survey, 29% of the people in Sri Lanka have some kind of debt, loan, mortgage, or credit card payments while 71% reported that they don't have financial obligations to banks.


Debt-to-income ratio in Sri Lanka

Debt to income ratio

33%

25% to 41%

( monthly debt payment / monthly income ) x 100

Interpretation

The debt-to-income ratio measures the percentage of income being paid as debt settlement across the population. It is calculated by dividing the monthly debt settlement payment of an individual by their monthly income. Based on collected data, approximately 33% of the people's monthly income in Sri Lanka goes to debt settlement.


Debt levels

Monthly debt settlement payment as percentage of monthly income

Debt-to-income ratio% People
> 60%3%
50% - 60%20%
40% - 50%15%
30% - 40%17%
20% - 30%9%
10% - 20%10%
0% - 10%25%

According to our data, 3% of the debtors in Sri Lanka pay 60%+ of their income as debt settlement while 20% of the people pay 50% to 60% of their income for the same, which is quite an alarming financial situation for those individuals. 15% of people in debt dedicate 40% to 50% of their income to loan and mortgage payments while 17% dedicated 30% to 40% of income for same. Things are looking brighter for 9% of individuals as they only pay 20% to 30% of their income for loan and credit card repayment.


Distribution by type of debt in Sri Lanka

Debt% People
Real Estate Mortgage7%
Auto Loan13%
Student Loan4%
Credit Card31%
Personal Loan45%

7% of debtors in Sri Lanka confirm that real estate mortgages constitutes the main part of their outstanding debt while 31% say that credit card payments are the reason they are in debt. Auto loans were the main type of debt for 13% of people and personal loans rose at 45%. Lastly, student loans are the main source of debt for 4% of debtors in Sri Lanka.


About credit score and debt management

Managing debt is a critical aspect of maintaining a favorable credit score. Debt reduction is the first thing you should do improve your financial situation. Getting rid of debt takes precedence over saving money because of interest rates.

Good debt vs. Bad debt

Not all debt is bad. Good debt typically refers to borrowing money for investments that can increase in value or generate income over time like purchasing a home or acquiring student loans. On the other hand, bad debt involves borrowing for things that fail to generate lasting value like high-interest credit card debt used for non-essential expenses like luxury items or vacations.


Loan Affordability Index in Sri Lanka

Besides measuring the loan-to-income ratio, we asked residents of Sri Lanka how many times in a year they defaulted or were unable to pay their due credit card or loan payments on time. Understanding how often people default on their due payments is one of the indicators of the cost of living and economic situation.

Frequency and percentage of people who failed to pay their monthly credit card or loan payments on time last year.

Frequency% People
Never49%
Once a year24%
Twice a year13%
Three times a year9%
Four times a year4%

Housing costs, accommodation, and housing affordability in Sri Lanka

Rental costs and house/apartment prices can vary drastically between different areas and locations.


Rent Cost in Sri Lanka

Monthly Rent Prices

Studio apartment
44,000 LKR 66,000 LKR 180,000 LKR
MINIMUM AVERAGE MAXIMUM
$140 $210 $570
1-bedroom apartment
66,000 LKR 110,000 LKR 260,000 LKR
MINIMUM AVERAGE MAXIMUM
$210 $340 $850
2-bedroom apartment
88,000 LKR 130,000 LKR 350,000 LKR
MINIMUM AVERAGE MAXIMUM
$280 $430 $1,100
3-bedroom apartment
110,000 LKR 180,000 LKR 480,000 LKR
MINIMUM AVERAGE MAXIMUM
$340 $570 $1,500
Furnished apartment
210,000 LKR 530,000 LKR 1.1M LKR
MINIMUM AVERAGE MAXIMUM
$680 $1,700 $3,400
Townhouse
180,000 LKR 260,000 LKR 750,000 LKR
MINIMUM AVERAGE MAXIMUM
$570 $850 $2,400
House
210,000 LKR 530,000 LKR 1.1M LKR
MINIMUM AVERAGE MAXIMUM
$680 $1,700 $3,400
Villa
260,000 LKR 660,000 LKR 1.1M LKR
MINIMUM AVERAGE MAXIMUM
$850 $2,100 $3,400

The monthly rental cost of a studio apartment in Sri Lanka ranges between 44,000 LKR and 180,000 LKR, meanwhile the cost of monthly rental of a one-bedroom apartment can be anywhere from 66,000 LKR to 260,000 LKR. Two-bedroom rentals rate ranges between 88,000 LKR and 350,000 LKR per month. The monthly rental for a three-bedroom apartment ranges from 110,000 LKR to 480,000 LKR. The average rent of a townhouse in Sri Lanka is around 260,000 LKR while house rental costs can be as high as 530,000 LKR per month. Finally, if you want to rent a villa, expect to pay anywhere from 260,000 LKR to 1.1M LKR per month.



Apartment and house prices in Sri Lanka

Cost of buying a property

Studio apartment
8.8M LKR 13M LKR 26M LKR
MINIMUM AVERAGE MAXIMUM
$28,000 $43,000 $85,000
1-bedroom apartment
11M LKR 18M LKR 66M LKR
MINIMUM AVERAGE MAXIMUM
$34,000 $57,000 $210,000
2-bedroom apartment
18M LKR 53M LKR 110M LKR
MINIMUM AVERAGE MAXIMUM
$57,000 $170,000 $340,000
3-bedroom apartment
58M LKR 88M LKR 260M LKR
MINIMUM AVERAGE MAXIMUM
$190,000 $280,000 $850,000
Townhouse
75M LKR 180M LKR 660M LKR
MINIMUM AVERAGE MAXIMUM
$240,000 $570,000 $2.1M
House
88M LKR 530M LKR 750M LKR
MINIMUM AVERAGE MAXIMUM
$280,000 $1.7M $2.4M
Villa
110M LKR 580M LKR 880M LKR
MINIMUM AVERAGE MAXIMUM
$340,000 $1.9M $2.8M

The average price of a studio apartment in Sri Lanka can range from 8.8M LKR to 26M LKR depending on location. One bedroom cost can be anywhere from 11M LKR to 66M LKR. A villa can cost you 580M LKR on average with prices ranging from 110M LKR to 880M LKR.


If you're leasing or purchasing, housing costs in Sri Lanka will probably constitute your biggest expenditure, yet it's an area where you wield considerable influence. This is due to the substantial variance in housing prices across communities. Keep in mind the location of your workplace and the accessibility of essential amenities to prevent negating the savings from lower rental rates with increased transportation expenses.

House / apartment prices to income ratio


Property price to income ratio

( average property price / average monthly income ) x 100


28 x77 monthly income 186
MINIMUM AVERAGE MAXIMUM

Property prices in Sri Lanka can be x77 to x186 multiples of the monthly income depending on the property and the income of the person. On average, property prices are approximately x77 multiples of the average monthly salary in Sri Lanka.



Rent to income ratio


Rent to income ratio

( monthly rental / monthly income ) x 100


18% 28% of income 38%
MINIMUM AVERAGE MAXIMUM

The average rent-to-income ratio in Sri Lanka is around 28%. This means that people pay 28% of their income for rent. Those figures can range from 18% to 38% depending on the salary, location, and type of property.


The housing-to-income ratio is a very important metric to evaluate and measure how affordable living is in a particular area, city, or country since housing comprises the biggest chunk of expenditure. A higher housing to income ratio means that the place is relatively expensive. The figure by itself does tell much. It only starts to make sense when comparing the housing to income ratio across different locations.

Housing affordability index

The housing affordability index measures how affordable accommodation is in a particular place. This can measured in multiple ways, the most common being housing expenditure to total expenditure ratio and the rent to income ratio. The housing expenditure ratio is a figure reported by individuals on the percentage they allocate for housing. Rent to income ratio is calculated by dividing the average monthly rent by the average income. Because these values are both percentages, we can find their average and get the best of the two worlds.

Housing Affordability Index
26%

Property Taxes

Real estate owners pay property taxes to local tax authorities, which are determined by the assessed value of their property. Typically, these taxes are paid once a year. Property tax funds contribute to community development, financing infrastructure improvements, public services, and local education initiatives.


FROM
1.8%
AVERAGE
2.8%
TO
3.8%

Home Maintenance Costs

Home maintenance costs encompass various expenses associated with the upkeep and repair of a residence. These expenditures include regular tasks such as lawn care, pest control, and HVAC system servicing, as well as occasional repairs and renovations like fixing leaks, painting, or replacing appliances.


810 LKR 11,000 LKR 110,000 LKR
MINIMUM AVERAGE MAXIMUM

Urban vs. rural living costs

Urban living typically entails higher housing and transportation costs due to demand and limited space, while rural areas generally offer lower housing expenses but may have higher prices for goods and services. The differnce in rental rates between urban areas and rural areas can be as high as 300% in some cases.


Single
Spending habits, consumption analysis, and expenditure patterns for a single person living in Sri Lanka

Housing29%

29% of total expenses on average (17% to 41%)

LOW$140   44,000 LKR
AVERAGE$430   130,000 LKR
HIGH$2,900   880,000 LKR
Per Month

Utilities, Electricity, Water9%

9% of total expenses on average (5% to 14%)

LOW$24   7,300 LKR
AVERAGE$71   22,000 LKR
HIGH$480   150,000 LKR
Per Month

Transport, Fuel4%

4% of total expenses on average (2% to 10%)

LOW$32   9,800 LKR
AVERAGE$95   29,000 LKR
HIGH$630   200,000 LKR
Per Month

Food and Groceries20%

20% of total expenses on average (14% to 25%)

LOW$63   20,000 LKR
AVERAGE$190   59,000 LKR
HIGH$1,300   390,000 LKR
Per Month

Healthcare13%

13% of total expenses on average (7% to 17%)

LOW$36   11,000 LKR
AVERAGE$110   33,000 LKR
HIGH$710   220,000 LKR
Per Month

Leisure, Shopping2%

2% of total expenses on average (2% to 5%)

LOW$20   6,100 LKR
AVERAGE$59   18,000 LKR
HIGH$400   120,000 LKR
Per Month

Education1%

1% of total expenses on average (0.00% to 3%)

LOW$7.9   2,400 LKR
AVERAGE$24   7,300 LKR
HIGH$160   49,000 LKR
Per Month

Other Expenses22%

22% of total expenses on average (14% to 26%)

LOW$71   22,000 LKR
AVERAGE$210   66,000 LKR
HIGH$1,400   440,000 LKR
Per Month


Couple
Average monthly living expenditure breaks and spending patterns for couples in Sri Lanka

Housing26%

26% of total expenses on average (19% to 36%)

LOW$220   67,000 LKR
AVERAGE$650   200,000 LKR
HIGH$3,500   1.1M LKR
Per Month

Utilities, Electricity, Water8%

8% of total expenses on average (6% to 12%)

LOW$33   10,000 LKR
AVERAGE$99   31,000 LKR
HIGH$530   160,000 LKR
Per Month

Transport, Fuel8%

8% of total expenses on average (2% to 13%)

LOW$79   24,000 LKR
AVERAGE$240   73,000 LKR
HIGH$1,300   390,000 LKR
Per Month

Food and Groceries18%

18% of total expenses on average (13% to 23%)

LOW$93   29,000 LKR
AVERAGE$280   86,000 LKR
HIGH$1,500   460,000 LKR
Per Month

Healthcare15%

15% of total expenses on average (9% to 19%)

LOW$73   22,000 LKR
AVERAGE$220   67,000 LKR
HIGH$1,200   360,000 LKR
Per Month

Leisure, Shopping3%

3% of total expenses on average (1% to 6%)

LOW$40   12,000 LKR
AVERAGE$120   37,000 LKR
HIGH$630   200,000 LKR
Per Month

Education1%

1% of total expenses on average (0.00% to 3%)

LOW$13   4,100 LKR
AVERAGE$40   12,000 LKR
HIGH$210   65,000 LKR
Per Month

Other Expenses21%

21% of total expenses on average (15% to 27%)

LOW$110   35,000 LKR
AVERAGE$340   100,000 LKR
HIGH$1,800   550,000 LKR
Per Month


Family
Average monthly expenses and break out of spending for families living in Sri Lanka

Housing25%

25% of total expenses on average (20% to 35%)

LOW$300   91,000 LKR
AVERAGE$850   260,000 LKR
HIGH$4,700   1.4M LKR
Per Month

Transport, Fuel4%

4% of total expenses on average (2% to 6%)

LOW$74   23,000 LKR
AVERAGE$210   65,000 LKR
HIGH$1,200   360,000 LKR
Per Month

Food and Groceries22%

22% of total expenses on average (15% to 28%)

LOW$170   51,000 LKR
AVERAGE$480   150,000 LKR
HIGH$2,600   810,000 LKR
Per Month

Healthcare12%

12% of total expenses on average (8% to 17%)

LOW$74   23,000 LKR
AVERAGE$210   65,000 LKR
HIGH$1,200   360,000 LKR
Per Month

Leisure, Shopping2%

2% of total expenses on average (1% to 6%)

LOW$46   14,000 LKR
AVERAGE$130   41,000 LKR
HIGH$730   220,000 LKR
Per Month

Education13%

13% of total expenses on average (6% to 21%)

LOW$130   40,000 LKR
AVERAGE$370   110,000 LKR
HIGH$2,000   630,000 LKR
Per Month

Other Expenses16%

16% of total expenses on average (9% to 21%)

LOW$110   34,000 LKR
AVERAGE$320   98,000 LKR
HIGH$1,700   540,000 LKR
Per Month


Student
Cost of living and expenses break down for students living in Sri Lanka

Housing17%

17% of total expenses on average (12% to 23%)

LOW$74   23,000 LKR
AVERAGE$180   57,000 LKR
HIGH$330   100,000 LKR
Per Month

Utilities, Electricity, Water7%

7% of total expenses on average (5% to 11%)

LOW$12   3,800 LKR
AVERAGE$31   9,500 LKR
HIGH$55   17,000 LKR
Per Month

Transport, Fuel3%

3% of total expenses on average (4% to 9%)

LOW$21   6,600 LKR
AVERAGE$54   17,000 LKR
HIGH$97   30,000 LKR
Per Month

Food and Groceries24%

24% of total expenses on average (18% to 28%)

LOW$61   19,000 LKR
AVERAGE$150   47,000 LKR
HIGH$280   85,000 LKR
Per Month

Healthcare10%

10% of total expenses on average (7% to 13%)

LOW$18   5,700 LKR
AVERAGE$46   14,000 LKR
HIGH$83   26,000 LKR
Per Month

Leisure, Shopping2%

2% of total expenses on average (2% to 6%)

LOW$15   4,700 LKR
AVERAGE$38   12,000 LKR
HIGH$69   21,000 LKR
Per Month

Education18%

18% of total expenses on average (11% to 23%)

LOW$58   18,000 LKR
AVERAGE$150   45,000 LKR
HIGH$260   81,000 LKR
Per Month

Other Expenses19%

19% of total expenses on average (13% to 25%)

LOW$46   14,000 LKR
AVERAGE$120   35,000 LKR
HIGH$210   64,000 LKR
Per Month
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