SINGAPORE: A recent street interview by Asian Boss, How Do Young Singaporeans Feel About Income Inequality in Singapore, revealed how young Singaporeans feel about this pressing issue.
While Singapore is one of the world’s wealthiest nations, it’s also reported to have one of the highest levels of income inequality among developed countries.
When young Singaporeans were asked if they felt income inequality was an issue in Singapore, several agreed it was a pressing concern. One man explained that he has to work part-time to survive because “everything is expensive!”
Others shared similar struggles, noting how lower-income families live paycheck to paycheck. They also pointed out the need for higher education to get a good job, which few people have the opportunity or luxury to get.
One man noted how income inequality is a serious issue but tends to be overlooked because of other pressing issues in Singapore, like housing.
Young Singaporeans also talked about how Singapore’s wealth gap affects their lives, with many pointing to the rising housing prices and basic necessities like food, groceries, and transport.
Meanwhile, others mentioned that “it depends on the people.”
One man from an average-income household said he can “survive,” spending just around $10 a day while mostly eating at home, but said he needs to work to survive. Interestingly, he shared that his “rich” friend also finds living in Singapore “pretty expensive.”
Housing affordability
Singapore’s expensive housing was the most common worry among young Singaporeans. “Singapore is so expensive to buy a house. It’s so bad that I’ve even considered maybe just staying with my mom,” one respondent shared.
To afford a house, respondents mentioned the importance of having a high income, doing side hustles, securing income streams, and regular work.
Although, for regular hardworking Singaporeans, owning a home starts with a solid paying job, those “privileged” with huge family support can easily gain a downpayment for a house in Singapore.
When asked why income inequality remains prevalent in Singapore, one pointed to the country’s “influx of people”, suggesting there aren’t enough jobs to go around.
“Our country is growing very fast exponentially, maybe a bit too fast for our current situation,” he said.
Is hard work enough to become wealthy?
However, when asked if hard work is the answer to climbing the social ladder to be a wealthy Singaporean, many answered that hard work is not enough.
One shared, “Working hard is not really always enough to be successful. You need to have the right kind of attitude, you need to be in the right environment, and to some extent, luck.”
He explained that if someone comes from a slightly wealthier background, where family members have high-paying corporate jobs, it’s more likely they’ll follow a similar path.
On the other hand, if someone comes from a low-income family, especially one whose parents didn’t attend university, moving up the social ladder becomes much harder.
“It is not always about just working hard; it’s a lot about what background you’re from and what cards you’ve been dealt,” he said.
“If you’re somebody who’s struggling to pay your bills, you can’t be worrying about 20 years later; you’re worrying about whether you can put food on the table tomorrow,” he added.
Another shared the same sentiment: “It helps when you are well off, to begin with,” while one more individual added how connections are crucial to climbing the social ladder, making it easier to get opportunities.
Self-made success stories
Yet, stories of self-made success still exist. One man shared how his father’s modest upbringing in Malaysia led him to a thriving career in Singapore. Another mentioned his ex-employer, who built a now well-known consumer electronics brand from scratch with little capital.
While some believe that becoming a multi-millionaire or billionaire is unlikely, others point out that the path to wealth often requires a solid business plan, management skills, and a supportive environment.
Meanwhile, others pointed out that becoming a multi-millionaire or billionaire might not be what a regular Singaporean hopes to achieve. One mentioned that the traditional Singaporean dream is to just own a home, with some people wanting to have a car, and go on holidays.
Where do we go from here?
Despite the challenges, the younger generation has a sense of optimism. Many feel that today’s opportunities, especially in tech, AI, and entrepreneurship, are greater than those faced by their parents’ generation.
As the wealth gap continues to be a pressing issue, some believe it’s a necessary aspect of capitalism. “For there to be winners, there must be losers,” one interviewee stated.
Yet, others argue that while the government provides support, it’s crucial to also offer guidance on achieving long-term success.
“They’re giving out money to people… giving them a lifeboat to float on, but they eventually sink again… people just spend it, and then when they cannot find a job, then how would they be able to continue living off?” one said.
Another mentioned that although training and upskilling are helpful, it’s something long-term and doesn’t address the jobs and opportunities Singaporeans need now.
He also mentioned that “inequality” is not just prevalent in Singapore but also in the world and is not something that will ever go away.
“I think you just do what you can, and if you have the resources to do well, just make the best of it. Just count your blessings, and maybe if you’re from a tougher situation and have to work harder, just stay focused and have faith that it will work out for you one day.
The rest is just out of our control,” he added. /TISG