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Singaporeans’ financial health has risen after two consecutive years of decline: OCBC index

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SINGAPORE: OCBC’s 2024 Financial Wellness Index has revealed a modest rebound in the financial health of Singaporeans after two years of decline. The index edged up to 61 this year from 60 in 2023, reflecting improved economic conditions that appear to have positively influenced personal financial stability.

The OCBC survey highlighted a notable 9% increase in investment activity, with 88% of respondents investing this year, a significant rise from the previous year. This growth was most prominent among those aged 60 to 65, where participation surged by 17%, suggesting a shift in financial engagement as Singaporeans near retirement age.

The types of investments varied, with a strong preference for fixed-income assets. Approximately 43% of respondents reported holding savings bonds, government bonds, or corporate bonds. Meanwhile, 33% opted for local stocks, and 25% invested in unit trusts, showcasing a broad spectrum of strategies as individuals seek financial security.

However, despite the rise in investments, proactive retirement planning remains limited. Only 4% of respondents have begun crafting concrete retirement plans, marking a 6% drop from last year. Among those surveyed, 24% stated they only start or intend to start retirement planning after age 50, indicating a trend of delayed preparation.

The survey also revealed a concerning disparity in retirement readiness between different family structures. Among DINKs (double income, no kids), 58% have yet to begin retirement planning—18 percentage points higher than families with children. This finding suggests that certain demographic groups may be more prone to putting off retirement savings, even as overall investment activity rises.

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Singaporeans are most enthusiastic about getting latest Covid-19 shot in Asia-Pacific region

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SINGAPORE: A recent survey has revealed that Singaporeans have the highest enthusiasm for receiving the latest Covid-19 vaccine in the Asia-Pacific region.

The survey, conducted in September by pharmaceutical giant Moderna in collaboration with data platform Dynata, gathered responses across five markets: Singapore, Hong Kong, Taiwan, South Korea, and Japan. Singapore contributed around 1,000 respondents to the study.

According to the findings, nearly 60% of Singaporeans expressed a readiness to receive the updated vaccine, significantly outpacing the willingness seen in other countries surveyed, where the average stood at roughly 45%. In contrast, only 16.5% of Singaporeans indicated a reluctance toward vaccination.

The survey also analyzed vaccine willingness across different age groups in Singapore. Young adults aged 18 to 24 emerged as the most receptive demographic, with close to 73% expressing interest in getting the updated vaccine.

However, the study revealed a degree of uncertainty among older respondents; nearly 34% of those aged 60 and above were still undecided on whether they would receive the latest vaccine.

Leasing volume for non-landed residential properties jumps 24.4% in Q3, driven by relocations and rent adjustments

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SINGAPORE: According to the latest Singapore Business Review report, leasing activity for non-landed residential properties surged by 24.4% quarter-on-quarter (QoQ) in Q3, reaching 25,731 transactions, according to property advisor Savills.

This spike was attributed to the back-to-school season, corporate relocations, lease expiries, and renewals.

The Rest of the Central Region (RCR) saw the largest growth at 25.2%, followed by the Core Central Region (CCR) at 23.5%, and the Outside Central Region (OCR) at 21.2%.

What fuelled the rise in leasing volume?

The rise in leasing volume was largely propelled by tenants upgrading to more attractive rental options, driven by lower rents and the influx of new supply.

This marks the first QoQ increase in leasing for non-landed private homes island-wide, reflecting a 0.5% growth, largely due to a shift from public housing to entry-level condominiums.

Notably, tenants are increasingly opting for one- to two-bedroom units instead of sharing larger spaces, following a steady decline in rents over the last four quarters.

The top three projects leading leasing transactions were Stirling Residences, The Sail @ Marina Bay, and Marina One Residences.

However, the CCR continued its downward trend, reporting a 1.6% QoQ rental decline, marking its fifth consecutive quarterly drop. High-end non-landed properties also saw a slight dip of 0.9% QoQ in Q3.

In the Savills report, it is anticipated that rents may reach a floor by the end of this year. Although additional supply continues to enter the market and tenants face ongoing budget pressures, the lower rent levels are expected to drive a shift of tenants from the public flat market and single-room lettings to whole apartment leasing. For 2024, they maintained a forecast of 5% year-on-year (YoY) decline in rents.

Alan Cheong of Savills Research said, “As rents have come off significantly, demand is returning, possibly leading to a stabilization of rents by the end of 2024….For 2025, we expect rents to stay sideways as businesses face headwinds and thus continue to watch their labour costs.”

“I lose hair and sleep over the problems I have to solve,” SG worker who’s only three months into her 1-year contract shares she does the work of two people and already feels drained

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SINGAPORE: A Singaporean worker, who’s only three months into her one-year contract, shared on social media that she already feels drained by the overwhelming demands of her job.

In her post on Reddit’s “Ask Singapore” forum, she explained that she has been handling the responsibilities of two people since her colleague quit.

She described how the stress has been affecting her, revealing that she wakes up not only “dreading work” but also feeling anxious about the day ahead. In an effort to keep up with her tasks, she has been cutting her lunch breaks short.

“I lose hair and sleep over the problems I have to solve,” she wrote. “My weekends are filled not with leisure but me replying a hundred emails. I’m so so tired and it just feels so much right now.”

She also mentioned that the only thing keeping her going is the thought of ‘”when her one-year contract will finally end,” but she is uncertain how much longer she can sustain this pace without risking burnout. “I really don’t know how to keep it up,” she said.

“If it’s me, I’ll ask for increase pay”

In the discussion thread, other Reddit users shared their own experiences and offered words of encouragement.

One user said, “Oh no, this was me two years ago in my last job! What I regret is not putting more boundaries.”

Another commented, “I left my previous job because of this: overtime, high turnover, the need to guide junior staff, and weekend burnout. You don’t owe the company anything. I’m now working for a company that values work-life balance, so jump ship when you can.”

Others urged her to stop doing the work of two people, saying that doing so would only lead to burnout and decreased performance in the long run.

One Redditor said, “Stop doing workload of more than one person. Obviously companies are exploiting it and if you are keeping up, they see no reason to increase headcount.

“They can threaten to not approve leave or cut your salary or terminate you. But you know the MOM law and they can’t do anything if you’re not doing anything.”

Several users also advised her that if she didn’t want to leave the company, she should at least have an honest conversation with her boss about the workload. They suggested discussing whether some of the tasks could be reassigned to others or if the workload could be distributed more evenly.

If that wasn’t possible, they recommended asking for a higher salary to match the increased responsibilities.

One Redditor added, “If it’s me, I’ll ask for increase pay so I can convince myself to do more otherwise resigned immediately, professional life draining your mental health even for a days without any significant insensitive, not worthy at all.”

More Singaporean workers are experiencing burnout

According to the latest Wellness at Work report by Employment Hero, 61% of Singaporean workers are experiencing burnout.

Although this represents a slight improvement from 62% in 2022, it underscores the persistent difficulties employees face in managing workplace stress and maintaining mental well-being.

Read more: Over 60% of Singapore workers are experiencing burnout, according to new survey.

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Singaporeans share the reasons why they refuse to leave the country despite the high cost of living

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SINGAPORE: Singaporeans recently shared on Reddit the reasons why they refuse to leave the country despite the high cost of living.

The conversation began when a user asked why more Singaporeans don’t consider moving to other Southeast Asian countries where the cost of living is lower and purchasing property or retiring early seems more feasible.

The user suggested that in countries like Vietnam or the Philippines, one could buy a multi-bedroom property for much less and avoid the competitive housing market in Singapore.

“Why don’t most Singaporeans just move to other SEA countries?” the user asked. “Are there any barriers to entry and staying permanently in other SEA countries?”

Safety

Many users cited safety as a top reason for staying in Singapore. While recognizing that other countries might have lower living costs, they stressed that Singapore’s low crime rate, effective law enforcement, and general sense of security make it a more appealing place to reside.

One user explained, “Safety and security. Low crime rate, I think because it’s so safe here, sometimes we take it for granted. In many places in Southeast Asia, going out at night is a big no-no.”

Another remarked, “Security, my friend, security. Low crime rate, safety, and assurance are basic needs for humans, and Singaporeans born into these aren’t willing to give this up.”

Higher salary

Besides safety, higher salaries were another key factor. Many users mentioned that Singapore offers better pay, particularly in high-skilled industries, making it more financially rewarding to live in the country despite the high costs.

One user shared, “Because people still work here, earning SGD. if I could get paid in SGD while living in other SEA countries, let’s say Malaysia or Thailand, sign me up.”

Family ties

Another important reason many users choose to stay in Singapore is their strong connection to family. For them, the idea of leaving their parents or children behind is simply too challenging.

One user stated, “My roots are here. Many relatives and friends are here.”

Another commented, “If you have children, it’s more than just thinking for yourself. It is the same for those with parents’ duty. But definitely my choice if I’m alone in this world.”

Not enough funds

Some users also mentioned that, despite wanting to relocate to another country, they are unable to do so because they do not have sufficient funds. One user even pointed out that only the “rich Singaporeans” have the financial means to consider this option.

He said, “Rich Singaporeans can go anywhere. The only Singaporeans I know who moved to a country in the region with a lower cost of living, they’ve got a spouse or extended family there.”

Another user said, “I think the most straightforward answer is that most Singaporeans actually don’t have the liquid cash and capital to afford the retirement visas or migration visas of other SEA countries.”

Other reasons

A few others mentioned that they prefer living in Singapore because “it’s actually a good and clean country to live in.”

They pointed out that the healthcare system is excellent and transportation is highly convenient. Additionally, they don’t have to worry about language barriers or adjust their way of life.

Read related: Even with S$10K/month income, SG couple with 4yo daughter say they can’t afford to have more kids due to Singapore’s high cost of living

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Singapore stocks retreated as trading began on Thursday—STI dropped by 0.3%

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SINGAPORE: Singapore stocks retreated as trading began on Thursday (Nov 14) following a mixed performance in global markets the night before.

The Straits Times Index (STI) dropped by 0.3%, or 12.62 points, landing at 3,707.72 by 9:02 am, as reported by The Business Times.

In the broader market, 51 losers outnumbered 45 gainers after 80.6 million shares, valued at S$69.5 million, were traded.

HS Optimus Holdings, a door manufacturer and distributor, led in trading volume. The company’s shares fell sharply by 50%, dropping S$0.001 to settle at S$0.001, with 30 million shares exchanged. Seafood supplier Oceanus Group also saw a decrease of 14.3%, or S$0.001, reaching S$0.006. Meanwhile, property developer Yanlord Land managed to buck the trend, gaining 7.8%, or S$0.055, to close at S$0.76.

Singapore banks were also mixed as trading began. UOB was the only gainer among the three major banks, edging up 0.1%, or S$0.03, to S$35.53. DBS dropped 1.3%, or S$0.57, to S$42.21. OCBC also slipped by 0.3%, or S$0.04, to S$16.22.

In the US, stocks saw little change on Wednesday as traders looked at new data showing a small, expected rise in inflation last month.

The Dow Jones Industrial Average saw a slight uptick of 0.1%, reaching 43,958.19. The S&P 500 also gained less than 0.1%, closing at 5,985.38. However, the technology-heavy Nasdaq Composite Index took a slight hit, declining 0.3% to 19,230.74.

Meanwhile, European stocks dipped as gains in energy stocks were offset by losses in the real estate sector. The pan-European Stoxx 600 index edged down 0.1%, closing at 501.59 points. /TISG

Read also: Singapore stocks fell as trading began on Wednesday—STI dropped 0.7%

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MPs unite in support of measures to strengthen Singapore’s hawker culture

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SINGAPORE: In a rare show of bipartisan unity, Members of Parliament (MPs) on both sides of the political divide voted in favour of an amended motion on Wednesday (November 13) to continue government support for Singapore’s hawkers and to nurture the nation’s beloved hawker culture.

According to a Channel NewsAsia (CNA) report, the motion, originally proposed by the Progress Singapore Party (PSP), called for a review of hawker policies to ensure better support for hawkers and sustain and grow Singapore’s vibrant hawker scene. The aim was to ensure that Singaporeans could continue enjoying affordable and high-quality hawker food.

However, MP Edward Chia of the People’s Action Party (PAP-Holland-Bukit Timah) proposed amendments to the motion, which were subsequently accepted by the House. The revised motion emphasized the importance of regular policy reviews rather than a broad overhaul and shifted the language to focus on how these reviews would help hawkers earn a fair livelihood.

The final version of the motion reads: “This House calls on the government to continue its support for hawkers by regularly reviewing its policies relating to hawkers and the management of hawker centres, which will help sustain and grow Singapore’s hawker culture so that Singaporeans can continue to enjoy good and affordable hawker food while enabling hawkers to earn a fair livelihood.”

After a lengthy five-and-a-half-hour debate, all MPs present, including those from the Workers’ Party (WP) and PSP’s Non-Constituency MPs, voted in favour of the amended motion, underscoring broad a consensus on the importance of safeguarding Singapore’s hawker culture.

The debate saw contributions from 14 MPs, including two PSP NCMPs, a WP MP, and a Nominated MP. In his closing remarks, PSP NCMP Leong Mun Wai expressed the party’s willingness to support the amended motion, noting that it was largely in line with the original proposal. “This is to show that this House is united in our support for hawkers,” he said.

Proposals for addressing challenges facing hawkers

During the debate, several policy suggestions were put forward by MPs, particularly PSP’s Leong and Hazel Poa. One of Leong’s key proposals was to allow each cooked food hawker stall to employ a work permit holder as a stall assistant to help ease the manpower crunch. However, Senior Minister of State for Sustainability and the Environment Koh Poh Koon cautioned that fully liberalizing foreign manpower in hawker centres could significantly alter their character. He pointed out that the government’s decision to allow long-term visit pass holders to be hired as assistants starting January 1, 2024, was an attempt to balance these concerns.

Leong also proposed replacing the current tendering model for hawker stall rentals with a more flexible rent structure, aimed at reducing rent and curbing excessive speculation in coffee shops. In response, Dr Koh defended the existing bidding system, calling it transparent and market-driven, which helps to identify committed and serious hawkers.

Poa, on the other hand, suggested a centralized procurement system where a government agency could negotiate bulk purchasing deals with wholesalers to help hawkers lower their ingredient costs. While Dr Koh acknowledged that some hawker centres had attempted such systems, he noted that the take-up had been limited, as many hawkers preferred their established suppliers due to concerns over ingredient quality and provenance.

Concerns about rising costs and sustainability

Despite general support for the amendments, some MPs raised concerns about the sustainability of the hawker trade. MP Poh Li San (PAP-Sembawang) pointed out that schemes like the Hawkers’ Development Programme and the Hawkers Succession Scheme, designed to attract young hawkers and promote generational business transfers, had not seen widespread success. MP Louis Chua (WP-Sengkang) added that, out of the 566 people who signed up for the Hawkers’ Development Programme, only a small fraction had succeeded in establishing or sustaining their businesses.

“There is a need for more creative incentives to attract younger Singaporeans to take up the trade,” said Poh. Chua also highlighted the low uptake of the Hawkers Succession Scheme, calling for more effective measures to support this transition.

On the issue of hawker wages and affordability, MP Chia emphasized the need to address public attitudes towards the pricing of hawker food. “While customers are willing to pay S$15 for a bowl of ramen, they hesitate to pay S$5 for a handmade bowl of fishball noodles,” he said, urging Singaporeans to recognize the value of hawker food and ensure that hawkers can earn a sustainable livelihood.

 Ensuring the future of Singapore’s hawker culture

As the debate concluded, Mr Leong stressed the urgency of addressing the financial pressures faced by hawkers, including high rents, staffing shortages, and competition from corporate players. “This situation is not sustainable,” he said. “At the rate we are going, our traditional hawker culture, which is built on the hard work and enterprise of individual hawkers, will slowly wither away.”

He called on the government to consider the proposals laid out by MPs to create a more level playing field for hawkers, ensuring that they can thrive in an increasingly competitive environment. “The current pride of our hawkers is at least partly due to the policies laid down by the government,” he said. “The onus is now on the government to provide better support for hawkers in the future.”

In his final remarks, Dr Koh reaffirmed the government’s commitment to supporting the hawker sector and emphasized the importance of feedback and collaboration with hawkers and their associations in shaping policies. He acknowledged that while the government’s efforts may not always be perfect, it would continue to review and refine its approach to support the future of Singapore’s hawker culture.

As MPs wrapped up their discussions, the debate underscored a shared recognition of the challenges facing hawkers and the broader need to preserve this iconic aspect of Singapore’s food heritage for generations to come.

Singapore calls for regulation of ‘finfluencers’ as MAS pushes for licensing of social media financial advisors

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SINGAPORE: Financial influencers, or “finfluencers,” who share investment tips and financial advice online must be licensed and regulated, according to the Monetary Authority of Singapore (MAS).

The Straits Times reported that the regulator’s stance, which was outlined by MAS board member Alvin Tan during a parliamentary session on November 13, emphasized the need for tighter oversight of these social media personalities.

“Finfluencers”

“Finfluencers”, who often use platforms like Instagram, YouTube, and TikTok to share insights on topics such as investing, budgeting, and saving, have become increasingly popular.

However, Tan made it clear that anyone offering financial advice in exchange for compensation—or even regularly offering such advice without remuneration—must be licensed under the Financial Advisers Act.

“We want to ensure that any financial advice being provided is clear, balanced, and highlights the risks involved,” said Tan, who also serves as the Minister of State for Trade and Industry, as well as for Culture, Community, and Youth.

Defining financial advice

MAS has issued clear guidelines for what constitutes financial advice. According to these guidelines, an individual is considered to be offering financial advice if they recommend or comment on the buying, selling, or holding of investment products, even if they are not being paid for doing so.

However, general educational content, such as broad financial literacy tips, does not fall under this definition.

Tan responded to a question from Member of Parliament Melvin Yong (Radin Mas) about the regulation of the “finfluencer” sector, addressing concerns regarding the potential risks posed to consumers who rely on social media for financial guidance.

Over the past five years, MAS has received fewer than five complaints annually related to “finfluencers”. The majority of these complaints concerned influencers making general statements about finance rather than offering direct financial advice. In such cases, the individuals were not subject to regulation by MAS.

Enforcement and oversight

To ensure compliance, Tan emphasized that enforcement action would be taken against anyone providing financial advice without proper licensing.

While no” finfluencers” have yet been penalized, MAS has taken action against six individuals in the past three years for providing unlicensed financial advice.

The growing influence of these online personalities has sparked concerns, with critics pointing out that “finfluencers” often have large, engaged followings, yet many claim that their content is not meant to be taken as professional advice.

Duty of care

Responding to a query about whether “finfluencers” have a duty of care to their followers, Tan reiterated that influencers who provide financial advice should be registered with a licensed financial advisory firm. He also stressed the importance of the public dealing only with individuals and institutions regulated by MAS.

“We regularly advise consumers to only engage with those who are licensed and authorized by MAS. We also maintain an Investor Alert List, which highlights unregulated individuals who may have been mistakenly perceived as being licensed,” he added.

As the popularity of financial influencers continues to grow, MAS is working to ensure that the integrity of financial advice in Singapore remains intact and that consumers are protected from potentially harmful or misleading information.

SG man shocked that female friend immediately got hired after six-month vacation, asks S’poreans, “Do women have it easier when finding a good job?”

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SINGAPORE: “Do women have it easier when finding a good job?” This question was recently raised by a Singaporean man on Reddit after one of his female friends took a six-month vacation and then quickly landed a great job afterwards.

In his post, he expressed frustration, explaining that if he were in his friend’s position, he would have been forced to “explain the gaps in my resume like I’m a criminal!”

The man also shared the story of another female friend who had graduated from ITE (Institute of Technical Education) and successfully worked her way up to become a sales consultant at a multinational corporation (MNC).

“I’ve never seen such thing happen to a guy here before,” he wrote.

“We don’t have it easy”

In the comments section, some users echoed the man’s frustrations, agreeing that women might have certain advantages when it comes to career opportunities, particularly when the woman is physically attractive.

A user, who worked as a recruiter before, shared, “Yes, it’s easier for a female to get jobs. Unless the male candidate is exceptional during the interview. They’d rather choose a female.

“Even my manager previously told me. If the girl has minimal experience, but she looks good, that’s enough. Just send her for the interview.”

Another remarked, “In Singapore, women generally have easier lives than men.”

However, not all users agreed that gender or appearance plays a major role in hiring decisions.

One user said, “I will hire anyone who can do the job. No preference.”

Some also pointed out that being a female in the workplace can sometimes be disadvantageous. Several users shared experiences of women being dismissed or overlooked for leadership roles, being subjected to gender biases, or having their achievements undervalued.

One user wrote, “I found a job then got kicked out when I got pregnant. It’s ok to get a job, but management won’t like it if we decide to have children and go on maternity leave or no pay leave due to health complications arising from the pregnancy. So no, we don’t have it easy.”

LinkedIn research shows women are more likely to be hired but less likely to apply

In 2019, LinkedIn studied how men and women interact with job postings and found that, while both engage with job listings and research companies in similar ways, there’s a noticeable difference when it comes to applying for jobs.

On average, 44 women and 46 men will view every job listing on LinkedIn. The numbers are quite close when it comes to researching companies as well—around 41% of women will do some research about the company, compared to 42% of men.

However, when it comes to taking the next step—applying for the job—women tend to hold back more than men. Despite showing similar interest in the position, women are 16% less likely than men to apply after viewing a job listing. Additionally, women apply to 20% fewer jobs overall compared to men.

One reason for this may be rooted in confidence. A Hewlett Packard internal report found that women often feel they need to meet 100% of the job criteria before applying, whereas men are more likely to apply after meeting only about 60% of the requirements.

Marc Cenedella, founder of The Ladders and Leet Resumes, explained this mindset by saying: “Female professionals tend to look at a job description and say ‘OK, there are five requirements and I only meet four out of five so I’m not going to apply. Men read the same description and say ‘I got one! Let me apply.”

Despite the trend of applying less, there is some positive news for women in the job market. When women do apply for jobs, they are 16% more likely to be hired than men.

In senior roles, women have an even bigger advantage, with an 18% higher chance of being hired compared to their male counterparts.

Employers tend to look at men’s LinkedIn profiles

The same LinkedIn study also found that employers are more likely to view men’s profiles than women’s.

Specifically, when women appear in search results, employers are 13% less likely to click on their profile and 3% less likely to send them an InMail message after reviewing their profile.

This suggests that while women are more likely to get hired than men, they may also face some bias when it comes to being noticed by potential employers in the first place.

Read also: ‘Next-level laziness’ — S’poreans react to worker who created fake MCs to skip work and forged Grab receipts to claim $24K from his employer

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South Korea’s government matchmaking events slammed as ‘wasteful’ – women public servants forced to attend to boost number of attendees

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SOUTH KOREA: To address South Korea’s declining birth rate, local governments are ramping up efforts to host matchmaking events aimed at fostering marriages and, ultimately, boosting population growth.

However, these initiatives are under increasing scrutiny for their limited effectiveness and sustainability.

Dating event plus vouchers

According to SCMP, the latest effort comes from the Seoul Metropolitan Government, which is set to host a high-profile dating event on November 23.

The event will bring together 100 unmarried men and women for a day of activities along the Han River, including a scenic yacht tour, recreational games, and workshops on dating psychology. Participants who form connections will be rewarded with dating vouchers worth up to 10 million won (approximately US$7,300).

This event is part of a broader trend, with at least 30 local governments nationwide running a total of 34 matchmaking programs this year alone.

Typically, these events span one or two days and feature a mix of group activities—such as wine parties, cooking classes, and tours—designed to facilitate connections, often inspired by popular matchmaking reality shows.

Ineffective?

But despite the substantial financial investments—sometimes exceeding 100 million won—critics argue that these efforts have yet to make a significant impact on South Korea’s fertility crisis.

According to data from Representative Lee Yeon-hee of the Democratic Party of Korea, over the past three years, 4,060 people have participated in such matchmaking programs, but only 24 marriages resulted.

Lee, during a National Assembly audit, called on the Ministry of Gender Equality and Family to intervene, urging a halt to these “senseless measures” that fail to address the root causes of the low birth rate.

The challenges facing these initiatives are not just about matchmaking success rates. Many local governments have faced difficulties attracting female participants, with some programs resorting to filling gender imbalances by recruiting female public servants.

A 2022 event in Haenam County, South Jeolla province, illustrates the issue: only one out of 15 women who attended the event was a voluntary participant, while the rest were female employees of the organizing public health center.

Similar situations have occurred in other regions, such as North Gyeongsang province, where female public officials were pressed into service due to low female turnout.

Women are leaving, not interested in marriage

Experts point to the broader socio-economic factors driving these difficulties. Young women, particularly in rural and conservative regions, are increasingly leaving for metropolitan areas like Seoul in search of better career and lifestyle opportunities.

From 2015 to 2020, the number of women aged 20 to 34 migrating from the southeastern regions to the capital nearly tripled. In 2023, gender imbalances were stark in rural areas: in North Gyeongsang province, there were 1.33 men for every woman in their twenties, and similar ratios were seen in Ulsan and other provinces.

Moreover, South Korean women, in general, are showing decreasing interest in dating, marriage, and childbirth. A 2023 survey by Korea Research found that only 18% of women aged 18 to 29 thought matchmaking services were necessary, compared to 51% of men.

As the country grapples with one of the world’s lowest birth rates, these matchmaking programs are increasingly being questioned as a short-term solution to a deeply rooted demographic crisis.

Critics argue that without addressing the underlying economic, social, and cultural factors that influence marriage and family life, these efforts will continue to fall short.

Local governments may soon have to reconsider their approach to population growth, moving beyond matchmaking events and focusing on policies that offer sustainable support for young couples and families.