News this week that Singapore is ranked as the world’s most expensive city for a second year come as little comfort to its working population, who are becoming increasingly insecure financially and hankering for fatter pay packages, recent surveys show.
Only 38 percent of Singaporeans are satisfied with their current financial situation, a Manulife study which interviewed 500 people above the age of 25 living in Singapore showed. A similar percentage of respondents also believed that the generation following theirs will be worse off financially.
“Singaporeans are a practical bunch so we tend to worry a lot. But with costs in food and housing rising so rapidly, it’s hard not to,” 33-year old operations manager Kelvin Wong told CNBC. “Apart from my mortgage payments, I have to make sure I have enough to take care of my parents, pay for my child’s future expenses and be able to retire.”