6 Financial Woes (In GIFs) Everyday Singaporeans Can Relate To
Wah Piang Eh – Singapore so expensive!
The art of complaining is an expression of dissatisfaction or annoyance about something. In Singapore, we love to create online and offline banter on our daily life finding things to nitpick and chat about over a Kopi-O (or Latte).
In just two years from 2016 to 2017, there has been a ton of things you may have probably complained about. Here’s a familiar list!
1) Water prices increase
You would have heard about this if you were not living in a well (pun intended). Anyway, water prices will increase for the first time in 17 years by 30%!
2) Food prices increase
Yup, your same Bak Chor Mee will probably increase at a rate of 2% every year amid stronger growth in developed markets. Ingredients get more expensive, and thus the combined meal becomes more expensive.
3) Transport fares increase (with more breakdowns)
According to our government, Taxpayers have been long subsidizing the high operating costs of the public transport network. This was deemed to be an unsustainable approach. Thus, fares will definitely have to go up. Let’s pray that the trains stop breaking down though!
4) Wages stagnating (Tough to find job in a slow market)
This was announced about 1.5 years back but the effects are being felt now. Wages may be rising in a tight labor market but they could stagnate or even fall back if productivity does not catch up, said PM Lee.
5) Housing prices increase
Property prices are reportedly set to double by 2030 by CNBC. This is a dual-edged sword because, for existing property owners, this would probably your fastest appreciating asset. But for new homeowners, let’s hope and pray that enough BTOs get released by the housing government.
6) Retirement age now at 67
In Singapore, people like to use the sentence: “Work until die” It was again announced that re-employment age will go up from 65 to 67 and employers will no longer have the option to cut employees’ wages at the age of 60.
Honestly, SG is also known for many positive things! 🙂
Here are some things Singaporeans love (Secretly):
- A competitive economy
- Largely forward looking population
- High internet and mobile penetration
- Access to global knowledge and resources
- Affordable and delicious local hawker food
- Connected infrastructure and transport system (minus breakdowns)
Conclusion: Be creative, resourceful and prosper!
Largely, we found that Singaporeans are a generally a rather controversial bunch – we express discontent (online or offline) but at the end of the day, we accept it, move on and find ways around it. These are signs of resourcefulness and creativity in some respect. Leverage on platforms like the new sharing economy and grants (eg. Some cool courses and skills you can learn using Skillsfuture).
At the end of the day, we no matter what conflict arises or price increases, we should stand by our fellow countrymen (of a 5+ million population). We still love you Singapore! Like and share this article to show your friends how much you love the unique financial problems we face as a country. Got any other interesting woes you face? Comment below!
We want to find out how women would prefer to deepen their personal finance knowledge, share with us what you think!