SINGAPORE — Young couples today are being “squeezed” financially as they start their own families due to rising costs and uncertainty over income, said Member of Parliament (MP) Ong Teng Koon on Wednesday (Feb 27).
He was among several MPs who raised issues that concern younger Singaporeans on the second day of the Budget debate in Parliament. Others also touched on mental health well-being and Singapore’s commitment to climate change as younger people become more environmentally-conscious.
Focusing on young couples in his speech, Mr Ong, the MP for Marsiling-Yew Tee Group Representation Constituency (GRC), noted that they come under “intense financial pressure” as they have to cope with wedding expenses, purchasing their first marital home and starting a family.
[Wedding Expenses? That is entirely voluntary expense. Or rather, how much you want to splurge is entirely within your control. If you are financially squeezed, don't go for a lavish wedding. There is either NO correlation between the cost of a wedding, and the strength of the marriage. There may even be a inverse correlation.]
Pointing out that companies seem to be moving towards contract and freelance work, couples face uncertainty over income, said Mr Ong, who also noted that “retrenchment is also no longer a blue moon event”.