Feeling a bit kiasu about your future in Singapore? You’re not alone. Many Singaporeans are wondering if they’re doing as well as their parents did at the same age. Let’s talk about the realities facing our generation.
Boomer Era vs. Now
- Singapore experienced massive development from the 70s to the 90s, making it easier for Gen X to surpass their parents.
I feel like 20 years ago, vast majority of young adults in SG (ie. gen X) were probably better off than their parents were at their age as SG developed massively from 70s to 90s.
- However, skyrocketing property prices and the rising cost of living are making it tougher for millennials and Gen Z.
- In the 90s, life felt simpler and less stressful. Many Singaporeans fondly remember this period.
That’s why many people missed/love the 90s. Life was simpler.
- Back then, a degree holder in a government job could comfortably afford a 3-bedroom condo. Now, that same person might be capped at an HDB 5-room flat or EC.
The Squeeze is Real, Leh
- Many Singaporeans feel worse off despite earning more, as housing and car ownership become increasingly unattainable.
Worse off definitely, I’m getting paid more than my parents when they’re my age, but I can’t afford a car or a home. Future sure is bleak.
- The cost of living has dramatically increased compared to median pay.
- While our parents could comfortably raise a family on a single income, many couples now struggle even with dual incomes.
At my age, my parents could afford a 5-room flat while providing for 3 children to live comfortable lives on a single income. Now? Barely can afford to buy a house to even start with on dual income.
- The pressure to maintain a certain lifestyle, including travel, adds to the financial strain.
Fight Back: Solutions Exist
- Explore alternative housing options like resale flats in non-mature estates or co-living spaces to save money.
Now I have a job that’s pays not super high but comfortable enough for me to own a 5 room flat with my husband in a nice, clean and quiet (some may say a bit ulu) area. I can easily travel to places like Japan and Korea two or three times a year. Most importantly, we are not super stressed out by money, have a happy marriage, and are always striving to ensure our kids feel safe, loved and respected.
- Prioritize financial planning and budgeting to make the most of your income. Consider consulting a financial advisor.
- Look into government schemes and grants designed to help Singaporeans afford housing and other essential expenses.
- Remember that happiness isn’t solely defined by material possessions. Focus on experiences and relationships.
Having said that, I feel our parent’s expectations of life is different from ours. It’s not uncommon for them not to travel at all. For me if I don’t travel say, 3 times a year I’ll feel like i missed out.
- Negotiate for better pay and benefits at work. Don’t be afraid to explore new job opportunities that offer higher compensation.
