In the 1960s, 70s, 80s and 90s, Singapore was a brand new third world country. People were literally living 'hand to mouth' and average monthly salaries in the 1960s (as a brand new independent country in 1965 having separated from the Federation of Malayan States), was in the region of USD 100 to 400.
In the 1960s, salaries were a pittance, compared to the then Great Britain (One GBP was 7 SGD and 1 USD was 4 SGD). People were eking very hard lives. There were people doing manual labour, from carrying rice sacks from the bumboats to the godowns in Boat Quay for example. Many people were trishaw riders, taxi drivers and construction workers. Gangster troups were aplenty, and there were numerous murders, crime, and rampant petty thievery in general society. Singapore had emerged from the British colonial past bruised and with an uneducated workforce hungry for work. The EDB was newly formed and the top administrators were in the process of conducting roadshows in the West enticing many companies to set up shop in Singapore. That I believe started to take shape in the mid to late 1970s.
Yet, when I look back at my paternal and maternal families, I am happy to note that all of my uncles and aunts,had at least 2 children (many had 4) in their lifetime. Why ?
On my mother's side, there were 4 sisters, and they each had
Anna (Dai Yi) : 2
Dona (Yi Ma) : 2
Mina (San Yi) : 4
Mona (Sai Yi) : 2
Kau Fu (youngest brother) : 3
On my father's side there were
Paul (Eldest) : 2
Geoffrey : 2
Alex : 2
Felix : 3
Esther : 2
Diana : 3
Nowadays, many young men and women are putting off marriage altogether, let alone having children, and the alarming news is that the Total Fertility Rate (TFR) for Singapore in 2025 is a pathetic 0.85. That means, we are not replacing our Singaporean base.
While it is easy to open the doors to people of similar cultural backgrounds (like Malaysia and possibly Indonesia), this phenomenon of offering 'free passage' to citizenship riles many ordinary Singaporeans who have to serve mandatory National Service and the feeling of intense competition fighting for places for jobs (and reservist) leaves people with a 'fight for your own lunch' mentality.
So why were there many more children per couple way back in 60s, 70s 80s and possibly the 90s ?
Healthcare in 1960s and 1970s was quite poor.
Well for starters in the 1960s and 70s, Singapore was a poor 3rd world country. Our medical care and hospitals were overworked, understaffed and with poor health outcomes. As a result, our infant mortality (children dying from disease below the age of 5 years old) was high.
Couples wanted to ensure some heirs to either take on the family name, and possibly one or 2 girls to 'balance' the equation in the family. Added to the mix was that if any one child died, there would be ample replacement(s). As a result, many parents had 2, 3, 4 and beyond. Also in the third world, 'many hands make light work' (Confucius), so the reasoning was that it was better to have more offspring to help out in the a) farm b) foodstall or c) provision shop.
This population spurt alarmed the then Government so much that the Ministry of Health had a 'Stop at 2' promotion to 'encourage' parents to reduce their productivity so to speak. (It was a bad decision in hindsight, looking at our current need to import foreign born people to shore up our service, manufacturing and financial sectors year after year).
Assets and Government flats were very affordable then
Assets like landed houses back in the day (1960s and 1970s) were very affordable then. I recall my mother going 'house hunting' with another good lady friend Nina Cohen and she told me some people were selling preowned terrace houses for as low as $4,000 in the late 60s to early 70s. While it is true that the average salary was around $300 per month, the affordability of the landed property assuming 20% of average take home pay goes to service the mortgage so $720 per year would go to paying off the mortgage, it would take all of less than 8 years to pay off for a terrace house in the 1960s to early 1970s based on the average salary of $300.
So the aspiration to find a nice partner, settle down and purchase either a Government flat (it cost only something like $6,000 or so for a 3 room flat) or even a private land house was realistic and achievable.
One parent stayed at home
Thirdly, for most families, only the father or male parent worked. It was a good time, mothers (a good 80 to 90%) stayed and home and minded the kids. Hence, with a parent minding the child, why not one or two more ?
Raising Children in those days was cheap.
There was hardly any tuition centres or personalised tuition to catch up. Things like ballet, piano, swimming, badminton, coding courses and all manner of holidays were practically unheard of.
Society was pretty much on a level playing field. We were all similarly poor yet so much happier then.
Fast Forward 50 Years Later.
What has happened to young couples after COVID 19 ?
My opinion is that young couples choose to want to 'have it all' ; a nice starter flat, an enviable lifestyle with holidays, possibly an EV car. That does not leave very much to having a kid or two ?
Our Government has for so long gone down the path of accepting foreign workers as domestic help that I believe this fact is one of the reasons why couples choose to chase sought after private property (condominiums and to a certain extent landed property) where the cheapest property would cost $1.5 million and above.
Imagine a big chunk of the duo's earned income of (for example) $12,000. Say using my 20% rule again $2400. If they could fork out (for example) $500, 000 (using CPF and savings), and take a loan at today's rate of 2%. Even forgoing the interest component, they would end up paying the full amount in 35 years !
So, they put up 40% which is $4,800 per month. A hefty sum no less. They end up paying slightly over 20 years to repay only the principal. So it is likely to be 25 years.
The young couple are betting on a few things :
a) they will continue to upgrade their careers and earn more for the next 20 to 30 years
b) the property prices will hopefully rise up and they can offload it in 5 years time with some capital appreciation.
c) the economy will be 'hunky dory' and not contract, and there will be no retrenchments.
d) there will be no health or family issues impacting the couple financially.
Of course, I exaggerate. The couple can always start with the Government Build To Order HDB flat, the selling price ranging going from $300,000 to over $600,000 new after subsidies.
The bottom line is this, they still need to fork out and repay for the flat for easily the next 15 to 20 years depending on their average take home salaries.
So, with the price of the basics sky high, thats where the inertia and the apprehension lies.
Whats lurking in the horizon ?
> Perceived job loss from AI for many front line and repetitive work ; this means job security is very insecure.
> Asset prices do not seem to come down ; since COVID, Singapore has seen the asset classes jump and stay there.
> The Middle East Conflict is causing high oil prices and inflation is rearing its ugly head. The big worry is if the economy stagnates, and if there is no growth either through foreign direct investment through setting up of new companies, industries then we are facing stagflation.
























