The rising cost of living in Singapore, one of the
world's richest countries, is a major concern for the young population, a
survey conducted by Singapore Polytechnic has found.
In the last three weeks of June the Mass Media Research
survey interviewed 825 people between the ages of 15-35 living in Singapore,
and found that nearly 100 percent said financial stability was among their top
three aspirations, along with strong family relationships and work-life
balance.
Nearly all participants also said they hoped to see
Singapore as an affordable place to live in five years' time.
Singapore was recently ranked as the world's seventh most
expensive city in Expatistan's Cost of Living index, while its property market
is among the world's top ten most expensive, according to PricewaterhouseCoopers.
Tight supply has led to a 60 percent spike in residential
property prices since 2009. A new 1,000 square-foot condominium, for instance,
is priced at an average of between S$1 million (US$784,683) and S$1.2 million.
Meanwhile, the cost of buying a car is also
high, as the law requires drivers to purchase a permit - a Certificate of
Entitlement (C.O.E) - on top of the price of the vehicle.
A 10-year category A C.O.E. sold for
S$72,369 (US$56,786) this month, according to Onemotoring.com, a web portal
serving motorists and vehicle owners in Singapore.
It's no wonder, therefore, that young Singaporeans are
fretting over whether they will be able to fund the standard of living they
have become accustomed to while living with their parents.
21-year old Firdaus Sukiman, a student and part time
worker in a coffee shop, told CNBC that the rising cost of living in Singapore
was a concern for him.
"I feel like I'm under pressure while I'm studying
to juggle two jobs as well," he said.
"It's not for the sake of necessities, it's so I can
have money to enjoy myself and buy a beer on the weekends and alcohol is so
expensive in Singapore."
Furthermore, Bobby Chen, a 31-year old Singaporean
entrepreneur, told CNBC nearly all of his friends still live with their parents
because they're unable to afford living on their own.
"Singapore is a small country and rental prices are
high. It makes sense to live with your parents so you can save more. Unless you
are very successful you would not be able to buy a private condominium while
you're young," he added.
For 21-year old Firdaus, buying his own place was also
something he imagined he'd have to spend a long time saving for, while he
described buying a car as "unrealistic."
"Buying a car is something I'd look to do much later
on as the prices of C.O.E.s are so high. My family is relatively wealthy and
we'd still rather depend on public transport and taxis rather than buy a
car," he added.
The survey findings also challenged perceptions of
Singapore's youth being obsessed with material wealth, given the city state's
abundance of shopping malls, designer goods and luxury hotels and cars.
It found participants described their top three concerns
as happiness, peace of mind and friendship. They also hoped Singaporean society
would in five years' time be more focused on work-life balance rather than
academic and material achievements.
Another trend to emerge from the findings was that 61.5
percent of those surveyed have considered moving abroad, or have already done
so to achieve their aspirations, while the remaining 38.5 percent are more
firmly rooted in Singapore. This group showed more inclination to get married
and start a family.
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