Aspiration of the new Sinkies

Our parents aspired to live in landed properties, or at least a private flat. If that is too much, a bigger HUDC or executive flats also can. And of course, the prized possession of a car to take the family out to ‘chiat hong’ or joy ride. That was the simple aspirations of what a better life was then. And they did not need to be a graduate, they did not need two incomes to be able to live that kind of lifestyle.

Many of these babyboomers have retired or semi retired. Many are very lucky to have a landed or private property, or a bigger HDB flats to fall back on, to downgrade and live on the spare cash as retirement fund. Many have gone the full circle of HDB flats, private properties and car ownership and back to a smaller HDB flat and no car but taking public transport. And some are happy with this formula.

What is the new aspiration of our well educated young? Many are graduates of the universities or polytechnics. And many are two income families. It seems that their aspiration is for a small HDB flat and no cars. Their only wish as far as transportation is concerned is for the public transport providers to provide a reliable service. Many have given up the idea of car ownership and ownership of private properties. A few of the more successful young people would still be able to do that. But the majority of the middle income families, with two incomes, will not be able to do so.

And not to forget, many of the babyboomer generation belonged to the socalled sandwiched class, supporting their parents and bringing up families, and still could afford larger homes and cars. The new young families are luckier with lesser of them having to support their parents who could look after themselves by downgrading and cashing out.

When this group of young people’s time comes for them to retire, not many would have the comfort of downgrading from their HDB flats, to cash out and live on that. Hopefully their CPF is still around and adequate to do that. You cannot be sure about this as the babyboomer generation also believed that their CPF savings would be enough for retirement. Many will not have the luxury of experiencing the HDB flat, private property and back to HDB cycle. Many will live a life without knowing what it means to owning a car. All they could afford would be very high tech bicycles.

Is this an aspiration worthy of a Swiss standard of living? Is this something to work a life time for? Let me try to figure out what kind of aspirations the maids and foreign workers would have? Some told me they will go home, buy a land to build their own house, maybe buy a car and set up a small business, all achievable if they work for maybe 6 to 10 years here. No need to spend a small fortune on a tertiary education as well.

But Sinkies must congratulate themselves for a better quality of life in the world’s most expensive city and stress free life for themselves and their children. Did I just say stress free?

Kopi level - Yellow