Tuesday, August 28, 2018

Struggle to make a living

I made a statement that 10% are doing well and that 90% are struggling. I also said that Singapore should avoid getting into this position.

Someone challenged me to look at the National Statistics to prove that 90% are struggling. He estimated that only 20% are struggling.

It is a matter of definition. Although 70% appear to be getting by, according to his estimation, I would consider that a large proportion of them are struggling for the following reasons:

a) They are not saving enough for their retirement.
b) They are afraid to get married or have children because they find the cost to be too high.
c) They work long hours and on two jobs to meet ends meet.
d) They are afraid of losing their jobs.

Of course, they would not be struggling if they have been more modest in their spending or did not commit to expensive property purchases. To borrow the words of our ministers ... if they had been more frugal and live within their means.

I once asked a Russian woman - was Russia better in the old days under the communists or in the free market economy today?

She preferred the old days. Why? The cost of living was low and, while people had fewer luxuries, they felt secure.

I am not suggesting that we adopt communism, but I quote this story to show that there is another angle that need to be considered.

I leave you to judge - are many people struggling to make a living in Singapore? Do they feel secure?


Anonymous said...

We can still live in the old day now. Minimumism.

Anonymous said...

If they stop buying 4Ds,they will have more than enough.

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