Singapore has been growing rapidly economically since independence in 1965. Singapore is ranked number one as the costliest city because of our strong currency and rising price inflation. With this quick progress, this can result in a bigger and richer upper class. In terms of family, the richer class will have lesser children compared to family living in poverty as the poor have this mindset that if they give to a lot of children, at least one of them will success and improve their life's when he grows up. however, due to the high cost of living in Singapore, married couples give birth to lesser children as a lot of money is needed to raise a child.
Singapore is a prosperous city but we have a low birth rate and that our population is aging. It is also estimated to have 900k elderly citizens and 1.9m working citizens in the year 2030. Tension arises when we have a big richer class however due to the rapid growth and high cost of living our birth rate stays low. Also, Singapore's life expectancy is one of the highest in the world. With increasing life expectancy and low birth rate, we face the prospect of a shrinking and ageing citizen population and workforce. More citizens will be retiring and singapore has fewer people entering the working-age band, our workforce will decrease significantly as we have lesser manpower. In addition to worsen the problem, the young generation are more educated thus they can choose to leave Singapore and work at other cities.
However, the government is trying their best and giving incentives to married couples to increase our birth rate and balance out the old-age ratio.
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