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Survey revealed that married Singaporeans are more financially secured than singles

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According to a May 2014 survey done by Friends Provident International, 45% of married Singaporeans feel financially secure compared to 37% of Singaporean singles. The study also revealed that more than one third Singaporeans feel financial insecure as compared to last year. This could be attributed to rising cost of living as a result of high property prices and economic slowdowns in the western countries (USA and Europe). Not surprisingly, medical expenses had moved into the top three priority for saving needs. The survey was conducted on over 1000 affluent investors across Singapore and Hong Kong and highlighted interesting findings on their attitudes towards investments and savings.To be a successful wealth builder, we need to learn from the affluent people on how to invest and make money. The data showed that many married Singaporeans are in a financially stronger position than the singles. While I respect that one’s decision to get married is purely a personal decision and should not be based on financial factors, the survey has indicated that you might be financially better off if you are married. This finding may seem illogical because most people assume that having a family would set them back financially due to the increased in household expenses, child education, medical, etc. However, I do think that the survey results hold water. Off hand, I can only think of a few plausible reasons for this trend.

Firstly, most couples would probably discuss the merits of a big ticket investment before they make the commitments. Such discussions may help a couple to form better decisions because more angles are covered. On the other hand, singles are susceptible to making investment mistakes because of potential investment blind spots – overconfidence, laziness or greed. Very few singles would discuss their personal finance matters with friends or family members. After all, money issues are considered very sensitive topics and usually involve a certain degree of privacy. Under normal circumstances, you don’t divulge your exact financial status to others, apart from your spouse or financial advisers.

The second reason why married couples in Singapore are financially stronger is probably because many Singaporean couples hold full time jobs. Obviously, having dual incomes make a couple feel financially stronger as compared to single. A combined income can help to offset the increase cost of living and enable a household to have flexibility to purchase big ticket items like cars or holidays. In addition, during a downturn, if one of the partners suffered from retrenchment, the spouse can still support the family financially. Singles do not have the luxury of such financial support and have to fend for themselves if they lost their jobs.

In Singapore context, my opinion is that money asides, being married is definitely more rewarding and better than being single. Friends cannot replace the kind of emotional support that loved ones can provide and your parents definitely cannot accompany you for the rest of your life; at some point of time, they would surely depart from this world earlier than you. Likewise, your siblings would also have their personal desires to form their respective families, and hence would not be as close to you as compared to their spouses or children. Social support is very important to everyone. I have read across many articles of senior Singaporeans dying alone in their rental flats. In many cases, their next of kin could not be traced. I have also heard of cases whereby Singaporeans who live alone and lost their life savings to con men. After losing their money, they were lost and had no one else to turn to for support.

There are a few local finance bloggers who are not married and have achieved financial freedom. A few of them are in their late thirties or early forties. I hope that they would settle down one day and realize the joy of marriage. It is always a good feeling to have someone who care for you when you are down or ill. I believe that everyone has a destined partner in their life, it is only a matter of time that you meet the right one at the right time. With this, I would like to end my article with my favorite song, Que Sera Sera (Whatever Will Be, Will Be).

When I was just a little girl
I asked my mother, What will I be?
Will I be pretty? Will I be rich?
Here’s what she said to me:

Que sera, sera
Whatever will be, will be
The future’s not ours to see
Que sera, sera
What will be, will be

When I was young, I fell in love
I asked my sweetheart what lies ahead
Will we have rainbows, day after day
Here’s what my sweetheart said:

Que sera, sera
Whatever will be, will be
The future’s not ours to see
Que sera, sera
What will be, will be

Now I have children of my own
They ask their mother, what will I be?
Will I be handsome? Will I be rich?
I tell them tenderly:

Que sera, sera
Whatever will be, will be
The future’s not ours to see
Que sera, sera
What will be, will be

Magically yours,
SG Wealth Builder

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Updated: January 10, 2015 — 2:38 pm

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