SINGAPORE: “Middle-class Singaporeans can’t afford to have kids in 2024” was the striking statement made by Devnavin Madeswaran, a financial consultant in Singapore, through one of his most popular TikTok videos.
In the 3-minute clip, Mr Madeswaran explains why raising kids in Singapore has become an uphill battle for middle-class families.
@devnavinmadeswaran Seems like we can’t have kids anymore… #controversialparenting #kids #parenting #singapore #fyp
♬ original sound – Dev | Wealth Explorer – Dev | Wealth Explorer
Children are an expensive hobby
He started by looking back at history, pointing out that having many children made sense in the past. Back then, children could help with farm work and, later in life, support their parents in old age.
But in 2024, things have drastically changed. With most people now living in cities instead of rural areas, children are no longer seen as assets or free labour.
Instead, they’ve become what Mr Madeswaran and Peter Zeihan, a geopolitical analyst and author, call an “expensive hobby.”
He said that having children is something only the rich can afford, while for most people, it’s more like a “punishment” due to the overwhelming costs involved in raising a child—starting from birth all the way to when they finally land their first job.
Mr Madeswaran also highlighted that parents are starting to realize that they can no longer rely on their children to support them financially in retirement.
“Now people are more aware that children cannot be used as retirement funds because we are experiencing it now as the sandwich generation, and we don’t want our kids to go through the same,” he said.
It costs more than $300,000 to raise a child in Singapore
To support his claims, Mr Madeswaran cited data from the financial platform Seedly, laying out just how mind-blowingly expensive raising a child in Singapore can be.
From pregnancy alone, expenses range from $5,055 to $27,001. The infant years add another $44,113 to $92,941, while the toddler years cost about $27,112.
Primary school years cost $68,541, followed by $50,267 for secondary school, $24,876 for pre-university, and a whopping $69,945 for university.
Altogether, raising a child in Singapore can cost anywhere from $290,009 to as high as $360,783.
However, Mr Madeswaran noted that these “normal costs” are not the main issue.
While undeniably high, they are largely predictable, and the government offers financial support to families who struggle to cover these basic expenses. According to him, the real challenge lies in the “hidden costs.”
What are the hidden costs?
He explained that in today’s society, parents are expected to fulfil their children’s basic needs and ensure they have access to the best opportunities—which often means spending extra money on things like private tuition.
“Singapore is a cruel nation. If the little ones aren’t capable enough, they’ll be eaten up by their peers and competition,” he explained.
“And this is where the parents really suffer. Parents will do everything and anything they can to make sure their kid stands out from the rest of them, and they have all the rights to do so.
But that’s where the problem is,” he added. This hidden cost, he said, is what’s piling onto the already overwhelming financial burden for middle-class families.
He further explained that in Singapore, a child’s future is largely shaped by their performance in national exams. As a result, according to The Straits Times, 70% of parents enrol their children in tuition classes.
Among parents with primary school children, 8 in 10 send their kids for tuition, while 6 in 10 secondary school parents do the same.
“Middle-class Singaporeans are pulling their hair out and sacrificing on their retirement, hoping to give their child a fighting chance,” he said.
He also shared some eye-opening examples to show just how far some parents are going. For instance, one Singaporean mum was reported by The Straits Times as spending $2,000 per term on her daughter’s tuition.
Even more shockingly, another mum with only a secondary education is now $60,000 in debt from covering the costs of raising and educating her six children.
“While it is painful to watch, it is admirable,” he expressed.
Rich kids have more advantages because of “super tutors”
Despite all their sacrifices, Mr Madeswaran pointed out that the middle-class parents’ efforts sadly “make no difference” because rich families in Singapore have access to something most people can’t afford—super tutors.
These super tutors, according to him, operate on an entirely different level. With impressive track records and staggering annual earnings of up to $1 million, they give children from affluent families an undeniable advantage.
With their guidance, rich kids are far more likely to get into the top universities and secure the best courses.
“Even if they don’t [get into a top university], their parents are more than willing to spend more money to send them overseas to get the same degree,” he said.
“The real victims are the kids from poor families who don’t have any other option,” he added.
Wrapping up his video, Mr Madeswaran posed a thought-provoking question to his audience:
“Is this an issue of a lack of parenting abilities? Do we all need to work harder as parents to support our children, or do we just choose not to punish ourselves and refrain from having kids at all?”
“Elites have more resources, more chances, and more opportunities because of who they know…”
Many Singaporeans were impressed by the video, saying that the financial consultant had really done his research on this issue. They also agreed with his stance that kids born into low- to middle-class families have a disadvantage in life.
One netizen added, “Elites have more resources, more chances, and more opportunities because of who they know. The middle class either makes it or drops to the lower income class.”
Another commented, “Rich kids don’t need the score to make earnings. Top students will eventually work for them instead.”
A few, however, had a different take and argued that this ultimately comes down to how supportive the parents are.
One netizen explained, “Singapore is a meritocracy society; it’s not impossible to do well without tuition, but definitely helps and gives people who can afford it more advantage.
But this notion of money holding children back is a very toxic notion. It just tells people no matter what they do, they will never make it.”
Read related: High cost of living listed as one of the reasons some Singaporeans don’t plan to have kids