Five Cs of Singapore
"Five Cs of Singapore" — namely,
Overview
Cash
Cash refers to spending power rather than physical currency. Financial security and affluence is a status symbol worldwide and for much of contemporary human history was the measure of personal worth and success.
Car
The car ownership rate in Singapore is roughly 11%. In comparison, it is 50% in the European Union and 80% in the United States.[3] As part of the government's continued efforts to make Singapore a "car-lite society" and reduce car dependency, only around 33% of Singaporean and permanent resident households own cars in Singapore in 2023, down from 40% in 2013.[4]
Although cars are an abundance in most countries and are not seen as status symbol (except only for
Credit card
Credit cards are a visible symbol of success. Singapore's financial regulator, the Monetary Authority of Singapore,[5] has stipulated a maximum personal credit limit[6] of two months' income given personal income less than S$30,000, or four months' income for all others. Banks typically issue different types of cards depending on the available credit limit, associating greater cachet with cards that offer a higher limit.
Condominium
In Singapore, privately developed apartments (colloquially known as condominiums or condos) reflect a higher wealth status as compared to public housing also known as HDBs which are public apartments built, sold and subsidised by the government. Up to 80% of Singaporeans live in public housing throughout the country, as land in Singapore is at a premium, meaning that freestanding and sometimes freehold houses are rare and signify even greater affluence, especially old money.
Country Club
In Singapore, there is a small amount of country clubs which leads to limited expensive membership. Access to membership to country clubs is viewed as exclusivity and an indicator of power and wealth.[7]
New Five Cs
In 2019, it was published that a "new" Five Cs has emerged since the 2010s among Singaporean white-collar workers, with lesser emphasis on materialism. While cash was retained, other C's can now include culture, credibility, career and convenience, among others.[8]
In a
References
- ^ [1] Archived 13 October 2010 at the Wayback Machine
- ^ Lai, Linette (16 April 2021). "5Cs? It's 3 new Cs such as caring for environment that resonate with young S'poreans: Heng Swee Keat | The Straits Times". www.straitstimes.com. Retrieved 19 June 2022.
- ^ "Car Ownership Singapore 2023". Retrieved 16 December 2023.
- ^ Loi, Esther (6 November 2023). "One-third of S'pore resident households own cars, down from 40 per cent a decade ago". The Straits Times. Retrieved 16 December 2023.
- ^ Monetary Authority of Singapore
- ^ [2] Archived 7 June 2007 at the Wayback Machine
- ^ Jordan (27 August 2019). "The Evolving Definition of the Five Cs of Singapore". HR ASIA. Retrieved 29 March 2023.
- ^ Goh, Melissa (7 August 2019). "No condos and country clubs, here are the new 5Cs defined by Singaporeans". AsiaOne. Retrieved 19 June 2022.
- ^ a b Elangovan, Navelene. "Forget the 5Cs, young S'poreans want to make a difference, create impact with their work: TODAY webinar panellists". TODAY. Retrieved 19 June 2022.