SINGAPORE: In the early 2000s, achieving the 5Cs—cash, car, credit card, condo, and country club membership—was considered, in Gen Z’s terms, ‘the ultimate flex.’ This checklist symbolized the height of success for many and was called ‘the Singaporean Dream.’
Today, however, this dream no longer carries the same weight. In a Reddit discussion, many locals openly admitted that instead of fixating on the 5 Cs, they are now focusing on more meaningful goals, like achieving financial independence and early retirement (FIRE).
The topic arose when a Reddit user posed the question, “Are Singaporeans still obsessed with chasing the 5Cs?”
“My observation among those I know is that even though there is a minority who does, most are not hardcore chasers of the next nice condo, conti car, luxury bags and watches etc,” he added.
“Some people may job hop for better pay but still value other non-material stuff like work-life balance, family time, friendships, vacations, hobbies, etc. That’s what I see, but I’d like to hear from a wider range of opinions.”
In the comments section, many Singaporeans agreed that the 5Cs have lost their appeal. They pointed out that country clubs have been irrelevant for years and that nearly everyone now owns a credit card—even those with low income.
The housing prices have also surged since COVID-19, with any decent-sized condo costing around more than S$1 million, making it unlikely that most people aim to own one.
“Most are going for HDB and avoid committing to large mortgages. Pointless when you face a possible pay cut or retrenched in the 40s, still have to downgrade back,” one individual noted.
Moreover, cars, once commonly provided by companies to supervisors and managers, have become less attainable due to the COE policy.
One individual added, “Cars come off as a needless expense if you don’t like driving, especially in a grab-car world.”
Singaporeans now want FIRE!
Of the 5Cs, though, only 1C remained relevant—cash—a means to achieve financial independence.
Many said they increasingly prioritise savings and investments over accumulating luxury items because they want to build a secure future for themselves and their families.
One individual stated, “I strive for health and work-life balance. Money is just used as a means to get the things that we need to enjoy life. What if we can already enjoy life without money?
It’s like a middle step to what fulfils us, not the end goal itself. Many C’s are declining assets that lose value over time.”
Another remarked, “Now we are chasing FIRE. 5Cs is outdated already.”
A third commented, “I’m striving for 3Ps: Peace of mind, progress in life (not just financially) and purpose of living.”
Still, others thought that the 5Cs and even achieving FIRE weren’t the ultimate goals. They believed that true contentment was the real key to happiness and that was something that couldn’t be measured by possessions or financial independence.
One individual shared, “Only C I’m chasing is Contentment. I’m not rich, and I’m not chasing FIRE.
Life’s too short for that, but the hubs and I earn enough to keep a roof over our heads, feed ourselves, have some savings, and spend enough for the fun stuff, and we’re quite content with that.”
Featured image by Depositphotos (for illustration purposes only)