Business Times Article: Young Singaporeans have no or little savings

[virus]

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

pls dont be naive. PAP are all there to help themselves. even old and useless MPs will hog up a couple of gurkhas like guard dogs.

as long as you have a HDB flat, a spare kidney a couple of wives and some dotters, everything can b arrange to be affordable for you.

if not, please help yourself by preparing your backside to moonlight.

 

[Runifyouhaveto]

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.

well said. Very good point, that's why i used a retailer as example as his turnover will translate to final consumer expenditure.

 

[Runifyouhaveto]

why this article cited 80%?

Disaster in the making: 4 out of 5 young Singaporeans have no savings
http://sbr.com.sg/financial-service...ng-4-out-5-young-singaporeans-have-no-savings

 

[mojito]

GST is good for the poor. It helps to teach them the importance of thrift!

If there were no GST, young people would piss away their hard earned money on frivilous things.

 

[virus]

If you poor alrdy no $$$ so where to find saving n spending.

 

[rushifa666]

retarded parents will tell their children, look, the pappies gave us everything. what the child should say is, after the most prosperous era in singapore, you only walked away with 60k. if you think you can retire on that, you are delirious. and if you think we can even save that much, you are hallucinating

 

[Poomer]

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

You probably make that sum each month on our sister forum.

 

[SNTCK]

Leongsam ,

do some good things then!

http://news.omy.sg/News/Local-News/story20140813-284801

 

[eErotica69]

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

Not a popular thing to say over the internet...

But without complusory savings, these people will spend every cent they have and wouldn't have enough to buy a flat or for medical.

I know cos I spend like hell during my younger years too.

 

[neddy]

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.

Why save when interest is so low, should invest in higher returns products

 

[mojito]

Why save when interest is so low, should invest in higher returns products

If you lose it all, MAS will say you were greedy and went in with your eyes open.

 

[jw5]

Long term money: invest in higher returns products including property and equities.

Medium term money: put in savings accounts including fixed deposits.

Short term money: put in wallet, pocket, purse, briefcase, haversack, designer handbag, alibaba bag, etc, be prepared to take when running road.

Why save when interest is so low, should invest in higher returns products

 

[jw5]

Errrrr, do you make your donations to politicians via third parties? :p

ROTFL .........................................

I can influence the politicians by making donations. :p

 

[lifeafter41]

why this article cited 80%?

Disaster in the making: 4 out of 5 young Singaporeans have no savings
http://sbr.com.sg/financial-service...ng-4-out-5-young-singaporeans-have-no-savings

On reading the article, seems to be in very similar situation in the US where a majority of the pay goes into rent and student loans.
Leaving very little for anything else, after taking into consideration, food, transport, cellphone bills and misc, much less, a downpayment for the house.

If one is to compare the mortgage payment against todays' pay as compare to 20years ago, The young today's are definitely at a big disadvantage, unless the parent's has substantial savings to lent them the money for the down.

If going by the 60k (coffin money) figures in the BT that the parents may have and if they have 2 children, it is barely sufficient to cover the down, unless they are able to monetize their HDB.