COVID-19 has upended everything. As PM Lee puts it, COVID-19 is the challenge of this generation but is confident in Singaporeans’ resolve to overcome this crisis.
In this issue of YKA, we asked Singaporeans to evaluate their prospects, should they lose their jobs tomorrow. This is now a reality for many.
Predictably prudent, close to 4-in-10 Singaporeans report they have enough savings to tide their family through the next three months while 40% say they will need to make lifestyle adjustments. Just under one on four (23%) say they will need immediate financial help from friends or the Government to get through the next three months.
As a reflection of the emerging economic realities, Singaporeans are similarly pessimistic about future employment prospects should they lose their job. Close to 1-in-2 Singaporeans (47%) are not confident of landing a new job paying close to what they earn now while only 28% of are confident of doing so. One in four (25%) are confident of getting a job but one that pays them less. However, Singaporeans under 40 years-old are much more confident finding a new job (34%), compared to their elderly counterparts (23%).
However, should the crisis last more than three months, 45% of Singaporeans do not think the two supplementary Budgets offer enough help to tide them through the crisis. So further support may be on the horizon before the next General election is called.