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Eight in 10 young Singaporeans believe they will be the next Sandwich Generation, reveals survey by NTUC Income

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5 years ago

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On Tuesday (3 Aug), insurance company NTUC Income released the findings from its latest research, focusing on the Sandwich Generation phenomenon in Singapore, which shows the harsh realities about how parents and young Singaporeans view their financial future.
In the month-long research, 94% of parents (aged 35-55 years old) surveyed revealed that they were currently pressured between having to financially support their growing children and their ageing parents. The majority of these parents also believed that their children and grandchildren will continue to get caught in Sandwich Generation trap.
For those who are unaware, the Sandwich Generation refers to people, typically in their thirties or forties, who are responsible for bringing up their own children and caring for their ageing parents.
Meanwhile, when young Singaporeans (aged 21-29 years old) were asked if they believed that they will become the next Sandwich Generation, nearly 80% of them responded affirmatively.
Their top reasons for this included feeling responsible to financially support their retired parents, longer life expectancy of their parents, and the belief that their parents will not have sufficient savings for retirement.
In fact, these concerns of young Singaporeans are not unfounded. The research showed that parents who felt confident about their financial situations when they retire (34% of parents surveyed) ranked their expectation for children to financially support them as the second top reason for believing that their children will become the next Sandwich Generation. This follows their concern in financial preparedness for healthcare in old age due to longer life expectancy.
Furthermore, three in five parents shared that they have yet to start planning for their retirement, and amongst those who had started planning, 59% did not plan for their retirement funds to last until the age of 82 (estimated life expectancy).
The research also highlighted an interesting correlation between young Singaporeans’ confidence in avoiding the Sandwich Generation trap with how much and how openly they discuss retirement adequacy with their parents.
Amongst young Singaporeans who believed that they will be the next Sandwich Generation, more than half felt that they can break the Sandwich Generation cycle. What’s more, 45% of them initiated discussions about financial preparedness and retirement adequacy with their parents.
However, comparing this to young Singaporeans who believed that they will continue to become the next Sandwich Generation, only 16% carried out such conversations with their parents.
Another thought-provoking result from the survey was that young Singaporeans, in addition to making more financial investments for the future, were also prepared to make big personal sacrifices such as not marrying, have fewer or no children to avoid becoming ‘sandwiched’ in the future.
“The survey findings present parents with some stark realities that our children’s generation could face and the drastic sacrifices they are willing to make to ensure their ageing parents are taken care of should they be financially unprepared for retirement,” said Marcus Chew, Chief Marketing Officer at NTUC Income.
“While this highlights the filial piety that is ingrained in our society, it should also make us realise the impact that our current financial and investment habits have on our future generations – that our retirement planning is not just for ourselves, but it also matters to our children and the generations to come. It is clear from the research findings that if today we take appropriate actions to safeguard our retirement adequacy financially, our children can have the confidence of breaking free from the Sandwich Generation trap,” he added.
In the research, majority of young Singaporeans agreed that their parents should prepare for and be financially independent in their retirement. They would like parents to take a more serious view on their retirement planning. Almost half of the young Singaporeans surveyed worry that their parents would look to them for financial support after they retire.
On a more positive note, the research showed that nine in 10 parents believed that they have better opportunities to prevent their children from becoming the next Sandwich Generation compared to their own parents. More importantly, 86% of parents indicated that their children or future generations would not fall into the Sandwich Generation trap if they were financially independent in their retirement.
In response to the research data, Assistant Professor Tan Poh Lin from the Lee Kuan Yew School of Public Policy, National University of Singapore, said that the information was consistent with the stresses faced by society brought about by multiple factors, which may include higher costs of living, depressed wages and also the fact that people were starting their families later and were not beginning the push to save up enough for their retirement.
She went on to say, “The study and findings provide an opportunity for us to take stock as it involves a segment of society whom are always considered stuck in between the poor and the wealthy. The survey results by Income also provides an opportunity for the general public to have a better understanding of what can be done to put an end, if at all, to the Sandwich Generation phenomenon.”
For a simplified version of the research, check out the infographic below:

Infographic from NTUC Income

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Lifestyle

Living modestly in Singapore on $10 a day: 27-year-old Malaysian man shares insights

In Singapore, a 27-year-old Malaysian man has gained attention on TikTok for his frugal approach to life while working in the bustling city. Jonathan Lim, a civil engineer earning around S$3,700 a month, shares his strategy for spending less than S$10 a day.

He divides his week between Singapore and Malaysia, staying in a hostel and focusing on economical food choices.

Despite some concerns about the extremeness of his thriftiness, many commend his financial discipline, while others suggest a slightly more flexible approach.

Published

1 year ago

on

14 September 2023

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SINGAPORE: A 27-year-old man from Malaysia, garnered the interest of social media users on TikTok due to his method of budgeting and practising a frugal lifestyle while employed in the bustling city of Singapore.

Many are left wondering whether it’s feasible to lead a modest life in Singapore without significant sacrifices.

Malaysian civil engineer, Jonathan Lim, has provided some insights through his TikTok documenting how he manages to spend less than S$10 a day while working in the city.

The video’s caption read: “Part 6: Is spending 10 dollars enough for a day working in Singapore?”

His TikTok content primarily revolves around detailing his expenses in Singapore, excluding the costs related to accommodation.

@jonlzx

Part 6: Is spending 10dollars enough for a day working in SINGAPORE? #sgvlog #worklife #minivlog #fypシ #simplelife

♬ 千与千寻 口琴版 – 口琴伟宝

Hybrid Work Arrangement

Lim, who earns about S$3,700 a month as a civil engineer in Singapore, follows a unique hybrid work arrangement.

He commutes from his home in Kulai, Johor, to Singapore three days a week, with the remaining days dedicated to remote work.

Lim strategically divides his time, with more than half of his week spent in his Johor home.

During the workweek, specifically on Mondays, Tuesdays, and Wednesdays, he opts to stay at a capsule hostel in Singapore.

This arrangement serves the purpose of reducing his expenses on permanent lodging in Singapore, although it necessitates regular commuting between Malaysia and Singapore.

His weekly schedule commences with a Monday morning journey to Singapore at 6 a.m., where he resides in the hostel for two nights.

Hostel Living and Food Choices

During his days in Singapore, Lim stays in a capsule hostel, which costs him about S$35 (approximately US$25.74) a night.

While this arrangement doesn’t include food expenses, the hostel provides free breakfast, helping him save on at least one meal each day.

Lim’s food choices are budget-friendly, focusing on cai fan (economic rice) for lunch and dinner, which costs him about S$3.60 per meal.

Occasionally, he indulges in items like bread and soya bean milk, emphasizing the affordability of such food options in Singapore.

For exercise, he opts for a cost-effective approach, eating grilled chicken drumsticks purchased from FairPrice, and running at public stadiums.

While a dinner consisting solely of protein might not seem substantial to some, Lim clarifies that the two drumsticks he purchased were exceptionally large, providing more than enough sustenance for an adult like him.

Therefore, when factoring in his daily transport costs of S$3, Lim’s daily expenses in Singapore amount to S$13.10, excluding accommodation expenses.

Balancing Thriftiness and Enjoyment

In his most recent TikTok video, Lim responded to both favorable and critical comments regarding his lifestyle of managing on S$10 or more per day in Singapore.

He expressed his belief that such frugal practices can become a standard way of life.

https://www.tiktok.com/@jonlzx/video/7276135975355485441?embed_source=121355059%2C121351166%2C121331973%2C120811592%2C120810756%3Bnull%3Bembed_blank&refer=embed&referer_url=mothership.sg%2F2023%2F09%2Fmalaysian-10-dollars-a-day-singapore%2F%3Ffbclid%3DIwAR1o-WKyDvXTTGxKWlXGd9u3xXdCO_4zyBOMRSF13kzzdcWs5dU2QI4E_9g&referer_video_id=7276135975355485441

Moreover, he aimed to dispel the misconception that his approach is detrimental to his well-being and happiness, emphasizing that he doesn’t sacrifice enjoyment to save a few dollars.

He acknowledges the trade-offs, such as spending time away from family and loved ones.

However, he sees this period as an opportunity for professional growth.

While Lim’s lifestyle is not his everyday routine, it highlights how one can manage expenses in an expensive city like Singapore.

He also appreciates the safety and amenities the city offers, such as safe streets for late-night jogging.

In the long run, Lim said he will need to decide whether to settle long-term in Singapore or return to Malaysia.

Supporters cheer Lim’s thrifty approach

The majority of people expressed their support for Lim’s frugal lifestyle, offering him their best wishes and advising him to disregard those who ridicule his way of life.

“Good to start saving up at a young age,” they said, while also cautioning against taking frugality to such an extreme that it becomes excessively absurd.

However, some users believe that Lim should consider a slightly higher expenditure than his current approach, asserting that life is too short to subject oneself to such deprivation.

“Can add another $2 la, don’t have to thrift like that,” one user said.

This was first published on Gutzy.Asia

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Lifestyle

Rachel Wan speaks out on father’s solitary passing in Singapore hospital due to staffing shortages

Rachel Wan of ‘Kin’ highlighted her father’s solitary passing in a Singapore hospital due to understaffing in an Instagram post. She contrasted Singapore’s overworked healthcare culture with Australia’s, emphasizing the need for a better work-life balance in the nation.

Published

1 year ago

on

29 August 2023

By

SINGAPORE: On 25 August, Rachel Wan, the 26-year-old star of ‘Kin’, took to Instagram to share a poignant account of her father’s passing, revealing that he had died alone in a Singapore hospital due to understaffing issues.

Wan’s emotional revelation sheds light on the need for a transformation in the prevailing culture of overworking in the nation.

Disparities between healthcare work in Singapore and Australia

In a candid Instagram video, Wan expressed her long-standing desire to address a topic she finds deeply meaningful.

She remarked, “I came to Australia because I felt like there was a better work-life balance here,” before unveiling a recent discovery that profoundly affected her.

The ‘Kin’ star recounted her encounter with a nurse who had previously worked in the same Singapore hospital where her father had spent his final moments.

This nurse later moved to Australia, much like Wan herself.

A stark contrast between working conditions in the two countries emerged.

Wan unveiled that in Singapore, nurses might be tasked with managing “up to 12 patients at any given time”. Conversely, in Australia, nurses are limited to caring for six patients each.

Moreover, Australian healthcare staff are afforded designated rest periods between shifts, a practice reportedly absent in Singapore.

Heartbreaking account of Wan’s father’s passing

Wan’s emotions were palpable as she recounted the circumstances leading to her father’s demise, underscoring the fact that he passed away in solitude at the hospital without any loved ones by his side.

Her poignant Instagram tribute suggested that he passed away in March 2022.

Describing the events of his passing day, she detailed how her father had been transferred from the emergency ward to the general ward as his time grew short.

However, to access him, Wan and her family had to undergo a Covid-19 test, mandatory at the time for hospital visits. Tragically, her father passed away during the testing process.

Distressingly, no one from the hospital informed them of his passing.

Wan expressed her shock, revealing that they discovered his lifeless body alone in the ward without any staff present.

When she inquired about the lack of communication, a doctor allegedly cited understaffing as the reason.

Wan stressed the importance of sharing her experience, noting that the healthcare sector is not the only one grappling with such challenges in Singapore.

She asserted that overworking should not be celebrated as an achievement and urged for a shift towards a healthier work-life balance in the nation.

Her Instagram post resonated with many, drawing a flood of comments from netizens who shared their similar experiences and nurses who opened up about the demanding work environment they face.

Amidst the discussions, Wan clarified that her father’s passing was due to oesophageal cancer, not Covid-19.

A plea for empathy and understanding

In response to differing opinions, including some who highlighted Singapore’s relative advantages compared to other countries, Wan emphasized that her intention was to raise awareness about the lack of work-life balance in Singapore.

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Influencer and doctor Zoen Tay also contributed to the discourse, acknowledging room for improvement in both countries’ healthcare systems.

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Wan extended her empathy to Singaporean nurses, finding a sense of healing in realizing that her father wasn’t neglected due to a lack of care, but rather due to the strain of their demanding workload.

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