Being relatively well schooled, someone from a middle class background and who has just crossed the 30 year old threshold, I actually see alot of couples getting married. But few are having kids largely due to lifestyle issues. They do worry about the conditions their kids have to grow up in, that massive property loan, but again this is something in the back of their minds and not really dominating their daily lives. One old friend confessed that this is due to a lack of work life balance and being very stressed.
(Ironically, I later asked him if he is plagued with large amounts of busy work, and yes he admitted to having low job satisfaction. This, coming from a high flying banking officer. But that has more to do with corporate cultures rather than .gov policies.)
For me who has remained single, my own reasons for that is largely motivated by personal bias cynicism - there's far too many of human beings around and I am voluntarily removing myself from the gene pool.
Offhand, I say the PAP has bigger problems than just fertility rate. They are right that the FTs can do the replenishment, but let me also tell them, the Singaporeans I know if they have not already done so, almost all of them intend to migrate overseas at some stage and stay there.
As I see it, the state leadership (i.e. PAP) is trapped in a survivalist mindset and has always been. Sometimes I wonder do they even have a vision or are they just rotating the usual grandoise statements for the sake of appearances. After all, none of their fertility rate policies have ever targetted the primary problem of stress - perhaps they have the mistaken idea that they are somehow smarter than the legislators living in the Nordics and various Western countries or thinking that they can have their both economic and social cakes and eat it. Or the sitting Ministers think they can just sit on it till they retire and hand off to another clueless scholar general and then say, "Finally, no longer my problem".
There are various countries who have achieved replenishment matrix by introducing legislation with an aim to reducing the stress of their citizens so that couples can find time to do that thing in bed and to go out and relax and socialize. As with the issue of low/un-skilled workers wages being low, the government is still not willing to bite the bullet to enact the changes.