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
Kopi level - Yellow