atans1

CIMB’s Cost of Living Survey reflects reality better than Hard & Heart Truths

In Economy, Financial planning on 13/06/2014 at 4:25 am

Going by the CIMB survey and the attendance at Roy’s rant, Hard Truths is closer to reality (slightly only leh) than Heart Truths:

The CIMB’s Cost of Living Survey revealed that 87% of Singaporean households can still save a porti:on of their monthly income. Outside property expenses, people are spending mostly on basic necessities, cars and transport, and retirement savings.

And

We think that the idea that households are struggling is not quite right. That people are quoting the last as one of their biggest expense items does not quite gel with the idea of hardship.

Are households overstretching themselves to pay for their properties and cars? Our survey indicates that about 87% can save a portion of their monthly income (13% have no savings). Most manage to stash away
20-50% of their income.

https://sg.finance.yahoo.com/news/chart-day-graph-shows-no-021300551.html

Well this is certainly not the pix that PAP ministers and the constructive, mainstream media portray: S’poreans are living the gd life under the benevolent rule of the PAP.

And this is certainly not the pix one gets of the standard of living of ordinary S’poreans going by what Ngerng’s gang said last Saturday. Maybe taz why they only attracted a crowd of 2-3,000*.

Most S’poreans including most of the 600,000 (30% of voters) that will always vote against the PAP, simply don’t recognise the S’pore that Roy and gang paint? I certainly don’t recognise it, when I observe the lives of my relatives. Most live in public housing, have salaries around the median,  and have kids in school or uni.

The CIMB survey captures them better than Roy’s rants or the PAP’s propaganda: so long as got job, no serious illness, life is comfortable.

There is a core of elderly S’poreans, who need and deserve, a lot more help from the state. But for most younger S’poreans only a few major renovations to the gospel of Hard Truths are needed, to help them: really affordable HDB flats (15 yr mortgages, not 20 yr mortgages), improved public transport services, universal healthcare (improved Medisave is the first step towards that destination), and a lot less FTs. The last is the most impt, cause FTs suppress wages for S’poreans esp the PMETs.

BTW, these comments appeared on FB below the link to the CIMB story:

Gotta laugh at the holiday part…it’s true. People in my circle of friends who complains about cost of living; these are the people who travels for leisure more than I do*.

— And the same crowd of people will curse Yahoo for exposing their hypocrisy.

Have to agree with them.

Enjoy yr weekend esp if you are an ISD employee. No comedy routines at Hong Lim this weekend. Can look at yr monthly CPF statement and smile, thanking the govt.

*The former was the figure reported by WSJ and the latter by Yahoo.  “Singaporeans, there are 6,000 people here today,”  Roy’s gf, New Citizen Han claimed. Maybe Roy should get her a new pair of glasses, courtesy of his defence fund? And a pair of hearing aids? Remember he denied her reported comments that he wanted to be a martyr and was planning to seek asylum in Denmark. She never denied the report.

 

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  1. Well,CIMB survey may not be that accurate,it takes me 5 minutes to survey statistics to reach a much better conclusion:
    (1)Table 2 Median Monthly Household Income from Work Among Resident Employed Households in Singapore (p.4) :Total Household Income from Work(2013) is $7872
    http://www.singstat.gov.sg/publications/publications_and_papers/household_income_and_expenditure/pp-s20.pdf
    (2)Average resident monthly household expenditure in Singapore(2013)
    HDB :$3,600.00
    Private flats :$7,500.00
    http://www.btinvest.com.sg/system/assets/10382/BT_20130107_HXMILLION7_342964.pdf
    It is obvious that Singapore residents(citizens and P.R.foreigners) are on top of the world,I think CIMB is wrong in their conclusion.

  2. Can the cynical investor explain why is the healthcare costs so high?

  3. That’s because the savings are savings in the form of cpf and guess what, u can’t touch cpf tIll the day u die…

    cheers to the rule of the benevolent…

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