‘We will be worse off’: Singapore’s DPM Wong says change in mindset needed over materialism, career ‘arms race’
- Wong asked citizens to change the mindset of being goal oriented or focusing on traditional ‘prestigious’ jobs, and to consider ‘the journey’ as a measure of success
- Singapore, which has a reputation as a global trade and financial hub, is one of the wealthiest countries in the world, but concerns about income disparity are mounting
Speaking at a conference organised by the Institute of Policy Studies think tank, Wong said interactions with Singaporeans in fact showed many wanted success to be “less about the pot of gold at the end of the road and more about our sense of purpose and fulfilment along the way”.
We’re just going to be caught in a rat race, in an arms race and everyone will be worse off
“If we keep pushing in that direction, my house must be bigger than your house, my pay cheque must be bigger than your pay cheque and my status in life must be higher than your status in life, are we going to be happier? I seriously doubt so,” he said during a panel discussion.
“We’re just going to be caught in a rat race, in an arms race and everyone will be worse off,” said Wong who is Deputy Prime Minister and Minister of Finance.
“This is not about not being able to deliver on housing and all those other good things … but let’s also reflect on beyond a certain point – what do we want for ourselves, for our children?” he said.
“That broader sense of success is not just in terms of specific professions or jobs, but thinking of success as a journey … there will be ups and downs, there will be setbacks, there will be obstacles,” he said, adding that having multiple careers too could also be a form of success.
“A lot of the mindsets today are also status-conscious, very hierarchical. Even within the bank, some jobs are more prestigious than other jobs.”
Wong said this renewed definition of success also included being able to consider all kinds of “non-traditional” jobs, such as being a chef or starting a mechanics workshop which have been culturally shunned due to lower pay.
Could a ‘two Singapores’ scenario play out as middle-class residents feel the squeeze?
Non-monetary satisfaction such as good relationships and families, community participation in the are equally important even though they were not “captured in our GDP”, Wong added. He encouraged business and community leaders to help enact this change.
The island state, which has earned a reputation as a global trade and financial hub and as a luxury low-tax base for the super-rich, has seen a huge rise in wealth in recent decades – but at the same time concerns about income disparity are mounting.
Income inequality in fact has been declining in the country, though the middle class has been hit by the rising cost of living.
These concerns were addressed at other panels at the conference.
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Minister of Education Chan Chun Sing emphasised Wong’s remarks in a speech about meritocracy said that Singaporeans must consider success and happiness beyond individual wins.
And that included broader contributions to society, he said.
“Let us recognise that our individual success is not just due to our own abilities and hard work, but also due to the opportunities given to us by the system and the support of those around us,” Chan said.
“If we can all do this, then Singapore’s brand of meritocracy will unite us instead of dividing us … it is not just about us pulling ahead of the crowd, but it is about us bringing everyone along together.”
