Endoh’s Dungeon

It was an interesting thing to find out with this survey but being the skeptic that I am as usual, I wonder how significant these surveys are. Afterall, the survey was conducted by “OCBC to understand Singaporeans’ aspirations, so as to tailor its services and products to their needs”.

Singapore’s rising living standards are not new to us. In recent times, even expatriates are beginning to feel the pinch of the rising cost of living in Singapore. Ranked 9th as most costly Asian city for expatriates, the myth of Singaporeans being the only unappreciative complainants has already been officially debunked. Of course Singaporeans’ complaints has always been brushed aside, and the issue wasn’t really addressed until the expatriates sounded out. But that’s another issue altogether on the media and government.

A survey can tell us a lot of things. However, just like any other surveys… it is difficult to understand how the respondents arrived at that answer they gave in the surveys. Therefore, when I read the discovery of few Singaporeans (only three in 100) dreaming of retiring young… the first thing I was asking myself is; what are the surrounding factors that led them to give up this dream? Or has this dream always been alive but Singaporeans have all resigned to our fate?

Ms Ng Li Lian, head of marketing services at OCBC’s Department of Consumer Financial Services, noted that she is not surprised that retirement is one of the low priorities since financial freedom is usually the top agenda. Funnily, I see something that is very disputable. What is financial freedom?

I am not the head of whatever department, my head is simply resting on my shoulders. So in a layman’s definition, it simply means I should not be tied down with loans and their ridiculous interests. In addition, I should not worry about my own livelihood and even having to think about my next meal when I spend on something. ZERO DEBTS that is. We know that this is impossible for the average Singaporeans, especially for the bulk of us staying in HDB flats. Those who truly earned, would have moved on to their private properties. Why pay HDB for sub-standard flats when I can better spend on private condominiums?

Assuming that I can’t go that far, and I have to slog for the rest of my life just to pay off my HDB flat (or at least for that 20 to 25 years), is that still financial freedom? Not to me at least for the fact that at the end of the payment, that HDB flat still doesn’t truly belongs to me.

When all of us take a realistic look at the Singapore’s living culture, it’s really not difficult to see how tough life has become for us. The only thing we can do, is keep adjusting our lifestyles. Eat as little as possible to save on money, live as humbly as possible to pay taxes, pay as much as possible to some profiteering companies so as to make Singapore competitive etc… Are all these financial freedom?

So are Singaporeans giving up the dream of retiring early because of surrounding circumstances or because they seriously enjoy walking into offices from 8am to 6pm? It is really subjective. This discovery sounded as though Singaporeans are really a hardworking lot of people. While we should be careful not to point everything at the government in Singapore, circumstances around us do affect, change and reshape our dreams and aspirations.

I’m not sure about you, but I have my own perception towards such surveys. At least, the circumstances around me tells me I have to remain working because of the rising living standards in Singapore.

If OCBC is using such a survey to view me as a potential customer, I can almost say forget about it. Their survey doesn’t tells what made me hold on to the dream of financial freedom, and what makes me give up this dream.