Business Times Article: Young Singaporeans have no or little savings

Runifyouhaveto · Aug 13, 2014

Young Singaporeans have no or little savings: report
http://www.businesstimes.com.sg/bre...ans-have-no-or-little-savings-report-20140813

1. 36% of young singaporeans have zero savings
but RUN think many of them still go for tours annually.

2. 25% of young singaporeans has less than $6000 savings
This hints that some young couples will loan from parents/relatives to make their BTO downpayment.

3. Average for their parents $60000
Very healthy level, considering their property and family commitments.

Leepotism · Aug 13, 2014

All their savings have gone into the country's reserves. Lol.

Runifyouhaveto · Aug 13, 2014

Leepotism said:
All their savings have gone into the country's reserves. Lol.

When GST was increased from 3 to 5 to 7%, the income tax dropped. Income is true measurement of wealth to the people.

Imagine you are a retailer with $2m turnover. Overheads are higher now and you are hardly profitable. But yet, the sales you generated, contributes $140K for 7% GST alone. Our corporate tax is 17%. To generate $140K of tax revenue from an assumed flat-rate of 17%, the profit is in excess of $800K (out of $2m turnover).

Our country chose the easier way out. No doubt, both simplified examples provide $140K in tax receipts for the state, you would agree that our priorities are wrong.

SgGoneWrong · Aug 13, 2014

Runifyouhaveto said:
When GST was increased from 3 to 5 to 7%, the income tax dropped. Income is true measurement of wealth to the people.

Imagine you are a retailer with $2m turnover. Overheads are higher now and you are hardly profitable. But yet, the sales you generated, contributes $140K for 7% GST alone. Our corporate tax is 17%. To generate $140K of tax revenue from an assumed flat-rate of 17%, the profit is in excess of $800K (out of $2m turnover).

Our country chose the easier way out. No doubt, both simplified examples provide $140K in tax receipts for the state, you would agree that our priorities are wrong.

Pappies' priority is always help the rich and punish the poor. Nothing wrong.

laksaboy · Aug 13, 2014

When you do stupid things like paying (or worse, borrowing) $20k for your wedding, of course you don't have any savings. :wink:

laksaboy · Aug 13, 2014

Runifyouhaveto said:
When GST was increased from 3 to 5 to 7%, the income tax dropped. Income is true measurement of wealth to the people.

Imagine you are a retailer with $2m turnover. Overheads are higher now and you are hardly profitable. But yet, the sales you generated, contributes $140K for 7% GST alone. Our corporate tax is 17%. To generate $140K of tax revenue from an assumed flat-rate of 17%, the profit is in excess of $800K (out of $2m turnover).

Our country chose the easier way out. No doubt, both simplified examples provide $140K in tax receipts for the state, you would agree that our priorities are wrong.

Indirect progressive taxation sounds fairer and more equitable in theory... until you realise that the PAP govt gives back very little for all the taxes you have paid.

The CPF is also another form of tax in the sense that it eats up your disposable income, leaving you less for your groceries and bills etc.

Runifyouhaveto · Aug 13, 2014

laksaboy said:
When you do stupid things like paying (or worse, borrowing) $20k for your wedding, of course you don't have any savings.

$20K wedding is below national average.

Runifyouhaveto · Aug 13, 2014

SgGoneWrong said:
Pappies' priority is always help the rich and punish the poor. Nothing wrong.

Good brother, the priority is tilted towards generating GST receipts. This is why we will be focusing on growing the population.

Leongsam · Aug 13, 2014

Runifyouhaveto said:
3. Average for their parents $60000
Very healthy level, considering their property and family commitments.

$60,000 is chickenshit. I can save that in a month.

Thick Face Black Heart · Aug 13, 2014

Leongsam said:
$60,000 is chickenshit. I can save that in a month.

I'm sure you can. But most voters can't, and politics begins with the masses.

jw5 · Aug 13, 2014

You damn howlian. :biggrin:

Leongsam said:
$60,000 is chickenshit. I can save that in a month.

Yingge · Aug 13, 2014

Thick Face Black Heart said:
I'm sure you can. But most voters can't, and politics begins with the masses.

Leongsam said:
$60,000 is chickenshit. I can save that in a month.

KNN Ah Sam tao pao you also believe!!! :rolleyes:

frenchbriefs · Aug 13, 2014

u telling me the average savings for Singaporean parents is $60,000?how the fuck are they going to retire with that plus the measly payout from CPF?might as well keep working till 85.

Yingge · Aug 13, 2014

frenchbriefs said:
u telling me the average savings for Singaporean parents is $60,000?how the fuck are they going to retire with that plus the measly payout from CPF?might as well keep working till 85.

Yes... That is why you see a lot of old folks cleaning up the tables in fast food or hawker center...

But should they blame the PAP... The answer in NO... These are the group of peoples voting the PAP too... :biggrin:

Leongsam · Aug 13, 2014

Thick Face Black Heart said:
I'm sure you can. But most voters can't, and politics begins with the masses.

I can influence the politicians by making donations. :p

frenchbriefs · Aug 13, 2014

Leongsam said:
I can influence the politicians by making donations. :p

why dont u donate to WP and change the course of history?

GoldenPeriod · Aug 13, 2014

Leongsam said:
$60,000 is chickenshit. I can save that in a month.

Porn is truly a lucrative business. Do you have any biz ideas for us to explore?

Unrepented · Aug 13, 2014

Corporate tax is a sort a final tax in a nutshell. Whereas, GST input offset output as long as allowable, so net payable is not gross %.

It is the final consumer who is the hardest hit who absorb the full blunt of the GST, also if as a salaried person, the rate of income tax remains unchanged which is based on the income bracket. Therefore, salaried persons is GST plus income tax. Businessmen still can play around.

Runifyouhaveto said:
When GST was increased from 3 to 5 to 7%, the income tax dropped. Income is true measurement of wealth to the people.

Imagine you are a retailer with $2m turnover. Overheads are higher now and you are hardly profitable. But yet, the sales you generated, contributes $140K for 7% GST alone. Our corporate tax is 17%. To generate $140K of tax revenue from an assumed flat-rate of 17%, the profit is in excess of $800K (out of $2m turnover).

Our country chose the easier way out. No doubt, both simplified examples provide $140K in tax receipts for the state, you would agree that our priorities are wrong.

Scrooball (clone) · Aug 13, 2014

Even old Singaporeans don't have much savings. U go check out those atm receipts. Almost all are 3 or 4 digits only.

SNTCK · Aug 13, 2014

Scrooball (clone) said:
Even old Singaporeans don't have much savings. U go check out those atm receipts. Almost all are 3 or 4 digits only.

Cpf a lot of money la

Business Times Article: Young Singaporeans have no or little savings

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