ST Survey: S’poreans are earning enough to lead comfortable lives

ST Survey: S’poreans are earning enough to lead comfortable lives

 July 21st, 2012 |  Author: Editorial

The Straits Times conducted a phone survey with 400 citizens (above 21 years old) in May. The findings of the survey concluded that most Singaporeans think they are earning enough money to lead a comfortable life.

Here are some of the results (percentages are rounded off):

Are you earning enough money to lead a comfortable life?
Yes – 70%
No – 30%

Do you think you will earn enough money to lead a comfortable life?
Yes – 68%
No – 32%

Think of your parents when they were your age. Would you say you have a higher or lower standard of living than them?
Higher – 78%
Same – 13%
Lower – 10%

National University of Singapore (NUS) sociologist Tan Ern Ser said the high levels of confidence were ‘quite remarkable’ given the unhappiness in the last few years over the influx of immigrants and the rising cost of living.

Also, according to the survey, most Singaporeans think their children will do better than them:

Think of your children. Do you think they will have a higher or lower standard of living than you?
Higher – 79%
Same – 12%
Lower – 9%

Do you think that the opportunities of children today to succeed will be better or worse than those you have had?
Better – 58%
Same – 11%
Worse – 30%

The breakdown by age groups to the same question:

	21-29	30-39	40-49	50-59	Above 60
Better	50%	41%	55%	68%	73%
Same	17%	14%	14%	6%	8%
Worse	33%	45%	31%	26%	18%

However, when it comes to income gap, most Singaporeans are worried:

Are you worried about the income gap between rich and poor?
Yes – 70%
No – 30%

Do you think that the income gap affects social mobility, that is, people’s ability to improve their lives in terms of income, education, career and status?
Yes – 83%
No – 17%

Do you think that the Govt has done enough to ensure that both the rich and the poor have chances to succeed and move up financially?
Yes – 39%
No – 61%

Mr Yeoh Lam Keong, vice-president of the Economic Society said, “People are correctly perceiving the impact of a wide income gap. And they are sending a clear message that they are uncomfortable with it.”

When comes to looking at own economic circumstances in 10 years’ time, the situation is less optimistic:

Thinking about 10 years from now, how do you think your economic circumstances will be?
Better – 15%
Somewhat better – 26%
Same – 18%
Somewhat worse – 30%
Much worse – 11%

In fact, according to MOM’s report, the real median income growth, i.e. after adjusting for inflation, was only 1.0% in 2011, down from 2.2% in 2010:

	2010	2011
SG Median income growth (nominal)	5.1%	6.3%
SG Median income growth (real)	2.2%	1.0%

However, thanks to Mr Leong Sze Hian’s letter to the media [Link], asking why a real median income growth rate of -0.6% for 2011 was used in the calculation of National Bonus for political office-holders, Prime Minister’s Office and MOM came out to clarify.

It was thus revealed by the Government that the MOM’s 1.0% real median income growth rate for employed Singaporeans included the employers’ CPF contributions while the -0.6% real median income growth rate used by PMO for the National Bonus calculation did not include.

Therefore, we now know that in 2011, the real median ‘Take-home’ income growth rate among employed Singaporeans is -0.6% (i.e., excluding employers’ CPF contributions).

Ref:tremeritu