Everything is Expensive!

— Young Singaporeans Reveal Their Top Concerns About Income Inequality and Housing Affordability

SINGAPORE: In a revealing street interview conducted by Asian Boss, young locals shared their thoughts on the pressing issues of income inequality and housing affordability in Singapore, which is paradoxically one of the world's wealthiest nations yet grapples with significant socio-economic divides.

As the city-state touts its economic prosperity, it also ranks among the developed countries with the highest levels of income inequality. Respondents expressed their frustrations: "Everything is so expensive!" lamented one part-time worker, highlighting how financial burdens push many to seek additional jobs just to make ends meet.

The interviewees echoed a common narrative—many lower-income families struggle to survive from paycheck to paycheck. They underscored the growing necessity of higher education, which remains an unattainable luxury for many. "Income inequality is a serious issue, but it often gets overshadowed by other pressing concerns, like housing," noted another interviewee.

The Heavy Burden of Housing Costs

Unsurprisingly, housing affordability emerged as a dominant worry among young Singaporeans. "Buying a house here is a financial nightmare! I've considered living with my mom just to cope," one individual shared. Respondents pointed to the relentless rise in housing prices, coupled with the exorbitant costs of basic necessities such as food and transport.

Many stressed that achieving homeownership hinges on securing high incomes, engaging in side hustles, and having access to financial support. Those from more affluent backgrounds often find themselves at an advantage, enabled by family wealth that facilitates down payments.

One respondent attributed the persistence of income inequality to Singapore's rapid population growth, suggesting that the job market is struggling to keep pace with the influx of residents. "Our economy is expanding at an incredible rate, but perhaps it's too fast for the current job landscape," he argued.

Is Hard Work Enough?

When discussing the age-old belief that hard work guarantees success, many participants concluded that this isn't always the case. "Success isn’t just about hard work; it's often about having the right connections, being in a favorable environment, and sometimes, sheer luck," stated one young Singaporean. They pointed out that individuals from wealthier backgrounds have a higher likelihood of achieving success because of established networks and resources.

Conversely, for those hailing from lower-income families, the climb up the social ladder becomes daunting. "If you’re constantly battling to pay your bills, thinking about the long-term is a luxury," he explained. The sentiment was echoed by others who highlighted that advantages in life often come from one's background rather than effort alone.

Success Stories and Hope for the Future

Despite these challenges, stories of self-made success still shine through Singapore's socio-economic struggles. One young man shared how his father's humble beginnings in Malaysia led to a prosperous career in Singapore. Others spoke of entrepreneurs who built successful companies from scratch, proving that pathways to success exist, though they may be riddled with obstacles.

Interestingly, the traditional aspirations of Singaporeans appear to be shifting. While some dream of vast wealth, many now prioritize simply owning a home, having reliable transport, and enjoying occasional holidays.

Looking ahead, optimism shines through among the younger generation. Many believe that today’s opportunities—especially in burgeoning fields like technology and AI—exceed those available to their parents. However, as the wealth gap persists, some argue that this is an inherent consequence of capitalism: “For there to be winners, there must be losers,” one insightful respondent remarked.

While the government has made strides to assist the less fortunate, a consensus emerged that guidance for achieving long-lasting success is equally necessary. Lease assistance alone may not suffice; comprehensive support that promotes job security and economic mobility is crucial.

"I believe you must do what you can with your resources and focus on the positive aspects," stated one interviewee, articulating a belief that while inequality is a daunting reality, striving for personal growth and staying resilient remains essential. "After all, some things may be out of our control, but our efforts can pave the way for a better future."

As Singapore navigates these challenges, the resilience and aspirations of its youth serve as a potent reminder of the work that remains to be done to bridge the divide.