LETTER FROM THE EDITOR
People are living longer. Last year, the average life expectancy at birth in Singapore was 83.9 years, according to statista.com. The business data provider also highlighted that the figure has been rising for the past ten years in tandem with the country’s economic progress. On the life expectancy survey published by WHO, Singapore was on the fourth spot after Japan, Switzerland, and South Korea in 2020.
At least from an economic point of view, we can expect the coming generations to live longer, healthier, and presumably more productive and capable of contributing to the economic good.
Many other assumptions can be made based on the foregoing, among them a shift in labor and welfare policies, as they are in turn affected by manpower supply, retirement age, and disbursement of public assistance.
But those will be for the future discussions. For now, everyone is trying to manage with the overwhelming uncertainty — it’s not a stretch to go as far as to say that some of us are just trying to get through the day each day of the week. This drawn-out uncertainty is matched by anxiety as the loss of livelihood — and, in extreme cases, life — continues to be a very real prospect.
Many business systems have collapsed, but they have also cleared the path for new opportunities to develop. The dire situation brought about by the global pandemic has accelerated digitalization, scoring wins for technology, its allied sectors, and early adopters.
Those who saw the writing on the wall have gone on to pivot their businesses, as everyone likes to say these days. Expecting things to return to normal after a disruption of unprecedented magnitude is simply unrealistic. We’re no longer in Kansas, Toto.
In the face of chaos and confusion — people are understandably more cautious about their wealth. Many of us have re-looked at our savings, insurance, investments, and whatever else we can rely on for help in case the situation continues or if it turns out we haven’t reached rock bottom yet. We have a report consisting of fresh insights from wealth managers from which we hope you will benefit.
What I’m interested in, however, is how the current situation is shaping the consumption pattern of the younger generation. From a cursory glance at available data, it appears that they have been pursuing different goals from their parents — yes, the Boomers, and seemingly steering clear of asset accumulation and property ownership. I would like to hear about their current worry and how it affects their vision of the future. That piece of information will complete the story that I would definitely read.