SINGAPORE: “Why are Sporeans stressed and worried when our standard of living is very high?” This was the question an online user asked in a forum on Wednesday (Feb 26). “Legitimate question,” he said. “Today, we have clean water to drink, food to eat, almost everyone has a smartphone, access to entertainment, quality healthcare, no natural disaster. Compared to many other countries, we are considered to be in good hands already.”
“Whilst job security, high cost of living, and high inflation are not unique to Singapore, I thought Singaporeans should be more assured and secure when facing international and domestic pressures. Are there any underlying reasons why it felt that our future is gloomy and bleak in the midst of an uncertain world?”
Many responded to the post, sharing their reasons for being stressed and worried despite Singapore’s high standard of living compared to other countries. From the high cost of living to factors such as highly stressful work environments, Singaporeans shared their two cents on the matter.
The comments shared common concerns about financial pressures, job insecurity, and the relentless nature of work in Singapore. The key themes include:
- High cost of living – Rising expenses for housing, food, and daily necessities make financial stability difficult, leading to stress about affording retirement and healthcare.
- Job insecurity – Fear of losing jobs, especially after the mid-forties, combined with intense competition.
- Work-life balance issues – Long working hours, overtime, and work messages outside office hours leave little time for personal life.
- Education and career pressures – A highly competitive academic environment forces families to invest heavily in their children’s future, reducing their retirement savings.
- The “rat race” mentality – A cycle of continuous studying and working with little room for mistakes makes it difficult to break free from financial stress.
- Cultural and family expectations – Many feel obligated to support both their children and ageing parents, with some parents still expecting financial assistance from their children.
“No work-life balance,” wrote one. “Getting messages even after working hours. No time for yourself. Just running like a hamster every day. High cost of living. Some of us foresee (that) we won’t be able to retire at all because we cannot afford to retire, so (we’ll have) to work until we die. Many need to support not just themselves but also their own kids and parents. Many parents still have the mentality that their kids equal their retirement plan and that if they don’t give their parents an allowance, (it means they’re) unfilial.”
“The stress comes from knowing that the prices keep getting higher and higher, purchasing power may or may not be able to keep up,” said another. “Just look at the cost of an HDB (Housing & Development Board) flat today and also comparing rentals in Singapore versus other parts of the world also with a pretty good standard of living.”
“There’s so much to look at, which is not spoken of—the need to stand out compared to applicants from overseas for job employment,” a third wrote. “The rising inflation, which many people are not mentally prepared for, since many of us favour stability.”
Still, there were those who saw things differently. “Because they don’t have an actual basis of comparison, having literally lived in a bubble,” said one. Knowing and reading about it is vastly different from having lived through poverty, so to them, their benchmark is higher.”