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11-04-2013, 07:46 AM
Two main reasons I can think of off-hand on why Singaporeans do not save or do not save enough; and they are my two pairs of "C"s.
1) Conspicuous Consumption
2) Creature Comforts
1) is to keep up with the Lims and Tans, and is the source of envy among the have-nots for those who possess items which they desire. This causes them to consume for consumption's sake, but do they really need the bling?
As for 2), some people cannot live without their "comforts", which may include a car, air-condition every day,taxi rides to every part of Singapore etc. This all costs money.
1) Conspicuous Consumption
2) Creature Comforts
1) is to keep up with the Lims and Tans, and is the source of envy among the have-nots for those who possess items which they desire. This causes them to consume for consumption's sake, but do they really need the bling?
As for 2), some people cannot live without their "comforts", which may include a car, air-condition every day,taxi rides to every part of Singapore etc. This all costs money.
My Value Investing Blog: http://sgmusicwhiz.blogspot.com/