The rising cost of living in Singapore, one of the world's richest countries, is a major concern for the young population, a survey conducted by Singapore Polytechnic has found.
In the last three weeks of June the Mass Media Research survey interviewed 825 people between the ages of 15-35 living in Singapore, and found that nearly 100 percent said financial stability was among their top three aspirations, along with strong family relationships and work-life balance.
Nearly all participants also said they hoped to see Singapore as an affordable place to live in five years' time.
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Singapore was recently ranked as the world's seventh most expensive city in Expatistan's Cost of Living index, while its property market is among the world's top ten most expensive, according to PricewaterhouseCoopers.
Tight supply has led to a 60 percent spike in residential property prices since 2009. A new 1,000 square-foot condominium, for instance, is priced at an average of between S$1 million (US$784,683) and S$1.2 million. Meanwhile, the cost of buying a car is also high, as the law requires drivers to purchase a permit – a Certificate of Entitlement (C.O.E) – on top of the price of the vehicle.
A 10-year category A C.O.E. sold for S$72,369 (US$56,786) this month, according to Onemotoring.com, a web portal serving motorists and vehicle owners in Singapore.
