Breakdown of family support system

Save, save and save for the golden years is the mantra that has been hammered constantly on the Sinkies. To more than half of the people of the world, maybe 70% of the people of the world, the amount we have saved or set aside for old age could be the equivalent to their income of a life time, or their equivalent of millionaires. The irony, no matter how much we have saved, it is NOT ENOUGH. Why?
 
There are three major factors contributing to this vain effort to provide for our golden years. The first is high inflation and cost of living. We are not saving but losing the value of the money we are saving for tomorrow. It sounds really silly, saving but losing our money at the same time. To have 200k Sing dollars in the savings is huge, big money, but more like a con game. And $200k is not the only asset that the Sinkies have. In fact it is over saving.
 
The big problem is the destruction of the family structure as a support unit for the oldies. In our haste for economic growth, our family unit is getting smaller and smaller and in some cases, there are no children to depend on, childless. People in this category would not be around after one generation.
 
On the other hand, those with one or two children, unless they are exceptionally endowed or blessed to earn big money, many are just making ends meet and looking after parents, providing for parents, will put a severe strain on their limited financial resources. It is a case of heart willing but unable to do so.
 
Why is living, buying a home, bringing up children, so bloody expensive that one is left with nothing to look after parents? Is it the policy of affordability that everyone would just have enough to buy a flat and to pay for the children’s education, not enough for their retirement? Forget about taking care of their parent’s well being, especially those who did not have enough in their savings.
 
And thirdly, the super rich govt with about the highest reserves per capita, did not see it as its responsibility to provide some support to the needy oldies. It is a case of to each his own unless one is so broke, so broken down, before the govt is willing to hand out a few dollars and sarcastically ask how much do you want, to eat in hawker stalls, foodcourts or restaurants.
 
How much is enough to save for the golden years? And there is this grave assumption that people have the money to save. In many cases, many could not even have enough for their daily needs. If we have not destroyed the family unit in our social fabric, there is no need to be so obsessed about savings. Many people around the world could get by living with their families with very little or no savings. It is a heavy price to pay for many for progress and economic growth when raising a family is so costly and time consuming that many choose not to have.
 
Yes, many will live their last lives of being, no new generations to continue in the family. Many families will simply disappear after they passed away. What is the point of saving?

Kopi Level - Green