“It’s expensive to be poor in Singapore” — Man points out how high earners get financial perks while lower-income individuals miss out

SINGAPORE: A man recently took to social media, noting how expensive it is to be poor in Singapore. He pointed out how high earners benefit from financial perks like cashback and discounts that lower-income individuals miss out on.

He said, “I have a BOC Sheng Siong credit card. It gives me 6% cashback, no minimum purchase. What this means is that my income is high enough to allow me to buy fresh groceries at 6% off.

Meanwhile, lower-income people who are ineligible for the card have to pay full price and upfront. I believe this is an example of how it is expensive to be poor in Singapore.”

Although some netizens said the man was just posting to “flex his 6% cashback,” many joined in the conversation, explaining why it’s indeed expensive to be poor in Singapore.

One commenter noted, “It is more expensive to be poor. (When you’re rich) you can take on a bigger loan and get better rates for your interest. You can also afford to buy in bulk and pay less.”

Another commenter added that richer folks can buy higher quality stuff that often has better warranties, like lifetime warranty replacement, and can last longer, which is cheaper in the long run.

He also added that skipping dental visits to save money in the short run will often cost more in the long run.

A recent report by TODAY also highlights how this affects health concerns. The report noted how low-income families struggle to afford fresh, healthy food due to rising living costs.

According to public rental flat residents, although they understand the importance of a healthy diet, it is simply unaffordable given their current financial situation.

“Cheap stuff is usually not that healthy,” one commenter said.

“Poor people trade their health to get by. Although it might not end up as a financial cost because of how subsidised public healthcare is for the poor people, it ends up as opportunity cost in employment as they age,” he added.

However, one Singaporean pointed out that this issue is not unique to Singapore. “It’s actually universal,” he said.

“If you have more money, you’ll get better interest rates. The needy in Singapore do receive some benefits such as health subsidies, GST and utility vouchers, educational bursaries, public transport subsidies, and lower taxes. That’s their cashback.” /TISG

Read also: “Walao, it was $1 just 2-3 years back. Now 60% increase?” — Customer shocked by Singapore’s current price of $1.60 for 500ml Green Tea bottle

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