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Independent Singapore
2 hours ago
- Independent Singapore
S'porean earning under S$3K asks: How is everyone affording flats, holidays, and maids?
Photo: Depositphotos/ amenic181 (for illustration purposes only) SINGAPORE: Scrolling up and down social media, it's easy to be overwhelmed by the high points – pals and families snapping pictures of their new HDB apartments, interesting holiday retreats, and the jubilant bedlam of expanding families. But underneath the surface, many are silently grappling with an exacting question — How are they making all these possible? A current Reddit post put this predicament in honest, relatable terms. The user, with an income less than S$3,000/month with CPF contributions and wrestling with health problems, asked the internet: How are people able to afford to buy flats, take several outings, raise kids, and sometimes, with maids? The disparity was unambiguous—while some people appeared to prosper with maids and regular retreats, the poster wriggled just to get by. This post hit a chord. The responses were an enlightening glimpse into the often-unseen layers of Singapore's economy and society. One common theme was the divide between median salaries and individual experiences. While the median monthly income with CPF is nearly S$6,000, that figure only says a small fraction of the story. For most, having an income less than S$3,000 is a hard-hitting truth, particularly with escalating prices and overall cost of living, healthcare expenditures, and the burden of financial commitments such as car loans and credit card debts. See also Artist claims he has sex with Mona Lisa 'Big commitments can lock you in,' one commenter said. 'If you lose your job, those loans don't disappear. The stress can be crushing.' Others indicated that the 'lustrous lives' on social media frequently are often just a façade of hidden struggles. A couple's Instagrammable holiday snapshot may conceal marital pressures; the delighted owner of a condo might be deep in debt. This selective sharing produces an impression of uniform success that isn't generally accurate. Several commenters voiced disappointment with the job market. Fresh graduates, in spite of the headlines hyping S$4,000+ beginning salaries, often face cut-rate job propositions. This conversation is a strong reminder that the economic challenges confronting many today aren't always evident. Underneath stories of accomplishment and beautiful lives, many are facing tough choices and privations. Usually in silence.
Business Times
4 hours ago
- Business Times
Gold, pesos and lasers: What's on Fidelity's investment radar
[HONG KONG] A weakening US dollar and volatile equity markets were among the hotly discussed themes at Fidelity International's Asia-Pacific Media Investment Conference in Hong Kong on Thursday (Jul 3). Speaking at the event, the firm's portfolio managers and analysts – who collectively manage US$900.7 billion in assets – outlined investment opportunities they are eyeing across currencies, commodities, and emerging markets. Here are some of the key picks: 1. Betting against the greenback The US dollar could continue to weaken, said Matthew Quaife, global head of multi asset, who favours the euro and yen. 'If I were to shut my eyes and say: 'Will the dollar be weaker or stronger in a year's time?' I think it would be weaker against the euro and yen,' he said. The greenback has fallen 11.65 per cent and 8 per cent year to date against the euro and yen, respectively, as at Friday's close. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up A weaker dollar means that investments in euro- or yen-denominated assets – such as equities or bonds – would deliver higher returns when converted back to US dollars. 2. Gold still glitters 'We continue to like gold; we've liked gold for a while, so obviously that's been a good trade,' said Quaife. 'It's likely going higher, even though it's gone a long way.' Spot gold prices have climbed 27.11 per cent year to date, fuelled by safe-haven demand amid US dollar weakness. While the metal has already 'run some distance', it could rise further if investors rotate out of US Treasuries, Quaife added: 'If even a small amount of US Treasury money goes chasing (after) gold, it can really run.' 3. Long on Philippine government bonds Philippine central bankers may cut rates again amid sluggish growth, said portfolio manager Terrence Pang, making local currency government bonds an attractive bet. 'We certainly see potential to cut (interest rates) twice, if the growth continues to be sluggish,' he said. The Bangko Sentral ng Pilipinas last trimmed its policy rate to 5.25 per cent in June, its lowest in two-and-a-half years. With bond prices typically rising when interest rates fall, Pang sees upside in this space. He also flagged the currency angle: while most Asian currencies have rebounded to pre-conflict levels after the Israel-Iran war, the peso has lagged by '1-and-a-bit' per cent – offering what he called a 'currency kicker'. 4. Chinese lidar on the rise Lidar sensor adoption in Chinese cars is accelerating fast, with 15 to 20 per cent of cars sold this year expected to come fitted with lidar, said portfolio manager Dale Nicholls. 'That's up from 5 to 10 per cent in 2024, and 1 to 2 per cent in 2023, so the growth is exponential,' he said. Used in autonomous vehicles and self-driving functions, lidar – or light detection and ranging – is also expanding into robotics applications, such as autonomous vacuum cleaners. Nicholls did not name specific stocks, citing company policy, though China's top players in the space include Hesai Group and RoboSense Technology.
Independent Singapore
4 hours ago
- Independent Singapore
Poly student asks if regularly giving S$50 to each parent from intern pay is ‘not normal' in SG
SINGAPORE: A polytechnic student has sparked a discussion online after asking if it's 'not normal' in Singapore for students to give part of their internship pay to their parents. In a post published on the r/SGexams forum, the student shared that she was surprised by her friends' reactions after revealing she regularly gives $50 each to her mother and father from her monthly internship allowance of around $800. According to her, she places half of her earnings into savings and uses the remainder for daily expenses such as food, transport, and personal items. The student explained that she has been following this routine since she began taking on part-time and temporary jobs at the age of 16. While she never viewed the gesture as out of the ordinary, her friends' surprise made her question whether her practice was seen as unusual, especially given that she is still studying and not yet working full-time. 'I talked to a few of my other friends, and they all think of it as not normal in my situation. So now I'm wondering, is it not a normal thing for a person like me?' she asked other locals. She added that for her, the decision to give back makes sense. 'Personally, I like to pay them back as I can't repay them for everything they provided me till now. The least I can do is pay them back some of my salary. Also help them with the housework.' 'My parents expect me to do this, but I refused.' The post received a range of responses from Singaporean Reddit users. Some commended the student for being responsible and showing appreciation to her parents, while others questioned whether such expectations are still reasonable for younger generations. One commenter shared that giving money to parents was more common among 'Boomers and Gen X,' mainly because the economic conditions back then made it more feasible. In comparison, they pointed out that Millennials and Gen Z are dealing with a much more challenging financial environment. With the cost of living continuing to rise, wages not keeping up, and overall financial uncertainty growing, many young people today find it much harder to reach the same level of financial independence their parents once had. See also POSB Everyday Card reduces cash rebates from 3% to 0.3% at Watsons In light of these challenges, they felt that giving money to parents should be a personal choice rather than an 'expectation,' and that such support should come from willingness and ability, not pressure or guilt. Another shared, 'My parents expect me to do this, but I refused. What do you mean I have to give you money when you are already earning 10x my salary? When I'm working full-time or if my parents are in actual financial need (which they are not), that's a different story. ' 'But at this age, I think it's more important for us to learn how to manage and build our finances, learn how to save and invest to build your future.' A third, however, disagreed with this take and said, 'It's normal. Most cultures pay back parents in appreciation, support parents when they are old, or give parents a break from struggling their whole life. You are a good child; God will bless you in abundance.' See also 4 Factors to Consider When Choosing a Crowdfunding Platform In other news, a 17-year-old student from Myanmar has opened up on social media about his growing frustration and anxiety over being repeatedly rejected for permanent residency (PR) in Singapore. In a post on the r/sgexams subreddit, he shared that he's lived in Singapore since he was three and has pretty much grown up like any other local teen. He speaks fluent Singlish, actively volunteers, takes part in school competitions, and feels deeply connected to the country and its culture. Read more: 17-year-old foreigner in Singapore opens up about repeated PR rejections: 'This is my only home' Featured image by freepik (for illustration purposes only)
