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Thread: 'If we can afford to spend, why not?'

  1. #1
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    Default 'If we can afford to spend, why not?'

    Nowaday kids are really rich
    http://www.straitstimes.com/Singapor...ry_312937.html
    Quote Originally Posted by http://www.straitstimes.com
    'If we can afford to spend, why not?'
    Most teens with allowances don't think recession will curb their spending: Poll
    By Lim Pow Hong & Seow Kai Lun

    SINGAPORE'S school-going children seem unaware of terms such as 'recession' or 'economic downturn'.

    To the average teenager, a budget meal costs $8 at a fast-food outlet and saving means putting aside money for a 'cool' $248 iPod nano. When they run out of cash, they just ask their parents for more.
    The Straits Times polled 100 students - aged 13 to 19 - who received pocket money. Their responses showed most of them did not think the current recession here would affect their spending habits or that of their families.
    The students who were polled received an average weekly allowance of $20 to $30 - in addition to extra funds for transport and mobile phone bills.
    Almost 60 of those surveyed said they spent three quarters or more of their allowance. When their cash ran out, they asked for more, with as many as 86 per cent thinking that this was acceptable.
    Xavier Ong, 14, gets $100 a week in addition to his transport and mobile phone expenses. However, he said that when he needs more money, he asks his parents.
    Tiffany Li, 15, eats out at least four times a week, spending $6 to $8 on each meal. She dines at cafes and fast-food outlets rather than at school and eats only dinner at home because, as she puts it: 'If we can afford it, why not?'
    Dr Brian Lim, head of communication at SIM University, who does research on youth social behaviour and popular culture, said many young people 'spend money like there is no tomorrow'.
    He came to this conclusion after organising a focus group discussion with 30 teenagers aged 18 and 19 in early January.
    He blamed working parents who do not spend enough time with their children during the week, and so 'compensate by giving money'.
    It is a habit that encourages young people to think there is a never-ending source of money, and there is no need to save - except for the latest gadgets or for fancy meals and entertainment.
    As Darrell Low, 16, defined it: 'My savings is the money that I put in a drawer. I take it out when I go out with my friends.'
    However, parents say teens put pressure on each other to spend.
    'They tend to compare what they have with one another and there is peer pressure when one teen is spending lavishly,' said Madam Athena Chong, 52, an administrator and mother of two, including a 14-year-old son.
    'Peer pressure is something that happens as teenagers want to be part of a certain crowd that they hang out with,' said Mr Teo Tee Loon, 40, executive director of Lakeside Family Centre.
    'Inevitably, it means having the same things, which they will try to obtain even if they cannot afford it.'
    Mr Ryan Soh, chief executive officer of MoneyTree Singapore, a group that teaches young people how to save money, suggested parents work within their budgets when deciding how much pocket money to give their children.
    'What needs to be emphasised is saving first before spending - a concept not reinforced by parents.'
    Otherwise, the young will grow into adults without knowing the value of money, said Mrs Choo Jin Yi, who runs money management programmes for teens.
    She is also the academic manager for the diploma in banking and financial services at Ngee Ann Polytechnic.
    'The young will be overly optimistic about their ability to 'upkeep' their lifestyle, thinking nothing bad will happen to them. They could end up in debt, or worse, bankrupt,' she said.
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  2. #2

    Default Re: 'If we can afford to spend, why not?'

    as commented in another thread on Kopitiam....

    as long as the fathers and mothers keep pumping in money into their kids' wallets....2nd hand equipment prices won't go down..

    however, I pity the old folks who have to keep up with their kids' expectations....if their old folks kenna retrenched how?....sure KPKB and family relationships will be affected...

    just hope that my sons will not be like that...
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  3. #3

    Default Re: 'If we can afford to spend, why not?'

    soooo...it's a bad thing that kids prefer to spend what little pocket money they get to enjoy themselves rather than saving it and realising years later the $50 they have in their bank account can buy them close to nothing?

  4. #4
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    Default Re: 'If we can afford to spend, why not?'

    they can spend what they have as much as their allowance allowed and their families who can afford to. Just commended on generous allowance nowaday kids/teenager have and their spending habit, peer pressure, compare to last time.
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  5. #5

    Default Re: 'If we can afford to spend, why not?'

    Quote Originally Posted by mattlock View Post
    soooo...it's a bad thing that kids prefer to spend what little pocket money they get to enjoy themselves rather than saving it and realising years later the $50 they have in their bank account can buy them close to nothing?
    Hahaha... I had the same line of thought when I first learn about inflation. The answer I got then was... Bank interest is higher than inflation... and the compounding interest thingy..

    But not applicable now.
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  6. #6

    Default Re: 'If we can afford to spend, why not?'

    now 21st century you dont get to see people begging in singapore ^^ and yeah when economy going down 3 types of people will appear

    1. richer gets richer
    2. richer gets poor
    3. poor gets poorer lol thats all lol

  7. #7
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    Default Re: 'If we can afford to spend, why not?'

    some kids are born into the age of instant gratification. in good times these peps are the source of envy, worth emulating. in bad times when prudence is the order of the day, other peps will say something less flattering.

    jealousy perhaps?

  8. #8

    Default Re: 'If we can afford to spend, why not?'

    I remembered when I was younger I overspent like siao. always asking my mother for money (we called it claims)
    but growing up I'm quite stingy so I don't think it's such a big deal. Just the fact that everyday living in Singapore is EXPENSIVE.
    Schoolkids want to go out and have some fun. Go to a shopping mall, it's going to cost just to go have a fast food meal already. When they make their own money they'll understand the value of money more lah.no big deal.

  9. #9

    Default Re: 'If we can afford to spend, why not?'

    You can't blame the kids, you blame the parents.
    providing them with that kind of money is just asking for trouble.

    Although, yes those few dollars that they save isn't probably going to be worth much in the future, i believe it all boils down to your financial status. Kids WILL adapt whether they like it or not when their family is not doing well, or they can just starve to death. I have yet to see anyone who would rather die (literally) than get a job

    Although recently i saw a whole group of primary school students who went in MOS burger together and started ordering lavishly. Didn't seem like a celebration of any sort. When i was that age, i remembered that going to a fastfood cafe that cost about $6-8 for a meal is gonna cut your allowance by 1/2 or 3/4. It didn't feel like they were even affected by a quarter. Hahahah.
    Last edited by xylestesins; 11th December 2008 at 10:55 PM.

  10. #10

    Default Re: 'If we can afford to spend, why not?'

    My parents stopped giving me pocket money when I was 13 and old enough to take up a paper round. Ever since that day I had a job of some description and it was the best life-learning I ever did. I learned more during one summer working on a construction site aged 16 than I ever did at university.

    But here in Singapore, I can't really see the kids wanting to work hard to earn their money, rather just scrounge off the parents. It's a shame - they have a hard lesson coming to them down the line.

  11. #11
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    Default Re: 'If we can afford to spend, why not?'

    Hm, I'm turning 16 this sat (yay), so maybe I could step into the discussion here.

    From the time I started having pocket money, my parents would always urge me to save for rainy days. When I was younger, like sec1 or so, for every dollar I saved, my parents would additionally give me twice the amount for me to spend on during my holidays.

    So now that I'm sec4, I'm getting S$200 to 250 / month, and S$100 to S$150 goes to savings. And savings to me, right now at this juncture, means having ease of mind that I won't run dry before Christmas cos I'm buying presents for others. As long as my money spending is transparent, and I don't spend more than 75% of my savings, I think I'm alright. My parents trust me with my savings money, because well, all my savings this year has been spent on photography, which they think is a healthy hobby (as opposed to my previous gaming addiction).

    I've never had any money problems with my parents, and while I admit to asking more money from my parents, I know the limit, and I am willing to take a simple 'no' as an answer-- even if that makes me skip a meal. Hey, gotta lose those fats, eh?

    My point is this: if a person can afford to spend, and doesn't spend foolishly, it's alright. However, if the person spends all his savings on petty things like.. i dunno, Maplestory cash-cards or something, that'll be a big problem. I know my friends did that.

    Cheers,
    Zexun
    Last edited by Headshotzx; 11th December 2008 at 11:51 PM.
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  12. #12

    Default Re: 'If we can afford to spend, why not?'

    i know of youngsters who can order pizza hut delivery for dinner, just because their parents not around. when i ask them dont they feel it is too expensive to order a pizza for your dinner? they say, its just alittle more expensive than macdonalds.

    parents are rich, what to do.

    think of it when macdonald = birthday treat when i was young... i guess its either we are old, or singaporeans are just getting too rich.
    it is like what someone said earlier.

    In this recession
    The rich get richer
    The rich is still rich
    The poor get poorer

    oh ya, i just remember, lets share the pocket money story.

    my pocket money was $0.80 in primary 1-3
    30 cents for mee rebus that time. 10 cents for a drink, so i save 40 cents everyday (sometimes i do buy some snack for 20cents)

    3-6 it went up to $1.30
    mee rebus went up to 50 cents that time, drinks becoming 20 cents.

    secondary 1-2 $2.50
    A lunch of chai peng cost around $1.20 typically. drinks were 30 cents

    sec 2-4 $4
    Lunch that time was $2.

    i think our rates is so diff compare to now.
    mac is out of reach then
    Last edited by Benosaurous; 12th December 2008 at 12:07 AM.

  13. #13
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    Default Re: 'If we can afford to spend, why not?'

    Quote Originally Posted by Benosaurous View Post
    i know of youngsters who can order pizza hut delivery for dinner, just because their parents not around. when i ask them dont they feel it is too expensive to order a pizza for your dinner? they say, its just alittle more expensive than macdonalds.

    parents are rich, what to do.
    Hm, couldn't it be possible that he/she hasn't had pizza in a long time, and is treating him/herself to it? I know I would, if I had the money. Isn't it the same like some families suddenly go to Swensens or some other up-market cafe / restaurant for a dinner? Just trying to do things differently. If you're eating at the coffeeshop every day, on some occasions you would eat fastfood, right?
    Last edited by Headshotzx; 12th December 2008 at 12:01 AM.
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  14. #14

    Default Re: 'If we can afford to spend, why not?'

    Quote Originally Posted by Headshotzx View Post
    Hm, couldn't it be possible that he/she hasn't had pizza in a long time, and is treating him/herself to it? I know I would, if I had the money. Isn't it the same like some families suddenly go to Swensens or some other up-market cafe / restaurant for a dinner? Just trying to do things differently. If you're eating at the coffeeshop every day, on some occasions you would eat fastfood, right?
    to have a dinner of $20+ for your ownself of no special occasion, even as a working adult i dont spend money that way.

    I just feel that $20+ is nothing of a feel to normal teens nowadays, as obviously their pocket money allow them to spend it as the topic says. "If we can afford to spend, why not?"

  15. #15
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    Default Re: 'If we can afford to spend, why not?'

    Quote Originally Posted by Benosaurous View Post
    to have a dinner of $20+ for your ownself of no special occasion, even as a working adult i dont spend money that way.

    I just feel that $20+ is nothing of a feel to normal teens nowadays, as obviously their pocket money allow them to spend it as the topic says. "If we can afford to spend, why not?"
    Perhaps it might be a little overkill for a single dinner, but hey, I see adults do that too. And you see adults spending money on 'worse' things like gambling, booze, etc etc.

    S$20 means a lot to me, so I'm abnormal? lol
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  16. #16
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    Default Re: 'If we can afford to spend, why not?'

    Quote Originally Posted by Benosaurous View Post
    i know of youngsters who can order pizza hut delivery for dinner, just because their parents not around. when i ask them dont they feel it is too expensive to order a pizza for your dinner? they say, its just alittle more expensive than macdonalds.

    oh ya, i just remember, lets share the pocket money story.

    my pocket money was $0.80 in primary 1-3
    30 cents for mee rebus that time. 10 cents for a drink, so i save 40 cents everyday (sometimes i do buy some snack for 20cents)

    3-6 it went up to $1.30
    mee rebus went up to 50 cents that time, drinks becoming 20 cents.

    secondary 1-2 $2.50
    A lunch of chai peng cost around $1.20 typically. drinks were 30 cents

    sec 2-4 $4
    Lunch that time was $2.

    i think our rates is so diff compare to now.
    mac is out of reach then
    that must have been long ago. & that price is around my school days. i remembered the days where i had oni $3 for weekends (sat & sun), how to go out siah...

  17. #17
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    Default Re: 'If we can afford to spend, why not?'

    I am always extremely sensitive to this topic, so here i come...

    Quote Originally Posted by Headshotzx View Post
    Hm, I'm turning 16 this sat (yay), so maybe I could step into the discussion here.

    From the time I started having pocket money, my parents would always urge me to save for rainy days. When I was younger, like sec1 or so, for every dollar I saved, my parents would additionally give me twice the amount for me to spend on during my holidays.

    So now that I'm sec4, I'm getting S$200 to 250 / month, and S$100 to S$150 goes to savings. And savings to me, right now at this juncture, means having ease of mind that I won't run dry before Christmas cos I'm buying presents for others. As long as my money spending is transparent, and I don't spend more than 75% of my savings, I think I'm alright. My parents trust me with my savings money, because well, all my savings this year has been spent on photography, which they think is a healthy hobby (as opposed to my previous gaming addiction).

    I've never had any money problems with my parents, and while I admit to asking more money from my parents, I know the limit, and I am willing to take a simple 'no' as an answer-- even if that makes me skip a meal. Hey, gotta lose those fats, eh?

    My point is this: if a person can afford to spend, and doesn't spend foolishly, it's alright. However, if the person spends all his savings on petty things like.. i dunno, Maplestory cash-cards or something, that'll be a big problem. I know my friends did that.

    Cheers,
    Zexun
    So you will only save when you have an incentive? So you only save 100 bucks cos your parents will give you additional 200, which translates to 200% interest? try finding me a bank in the REAL WORLD that does that.

    Glad to know that you never had money problems with your parents, but do you exactly know the value, the meaning of hard earned cash? you are turning 16. YET 16. you are still a kid. And from the sounds of it, you have always been getting cash from your parents all your life, and you have never tried earning a single cent for your own keep.

    Quote Originally Posted by xylestesins View Post
    You can't blame the kids, you blame the parents.
    providing them with that kind of money is just asking for trouble.
    I cant agree more with you. I have a sister who is doing that to her son. She keeps telling me, "he is my only son". That is simply the formula to absolute doom. And guess what? he is turning into exactly just that.

    Quote Originally Posted by Headshotzx View Post
    Hm, couldn't it be possible that he/she hasn't had pizza in a long time, and is treating him/herself to it? I know I would, if I had the money. Isn't it the same like some families suddenly go to Swensens or some other up-market cafe / restaurant for a dinner? Just trying to do things differently. If you're eating at the coffeeshop every day, on some occasions you would eat fastfood, right?
    Please la. I havent had pizza hut for over 3 years, and everytime I walk pass pizza hut, I get a very strong urge to walk in. But I never did, for the simple fact it costs too much for a simple meal. Its just food. Its not a celebration. Why spend so much? I spend 3 bucks a day on lunch, another 3 for dinner. 30 bucks a week, and 1 pizza hut meal can easily cost me 1 week's worth of food.

    If you had the money, if you understood the importance, and the pain it takes to WORK for that money, you will be saving it, instead of splurging it all on lavish goods and foods. And not just saving it, but putting it to work for you.
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  18. #18
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    Default Re: 'If we can afford to spend, why not?'

    Quote Originally Posted by sORe-EyEz View Post
    that must have been long ago. & that price is around my school days. i remembered the days where i had oni $3 for weekends (sat & sun), how to go out siah...
    I was given:

    $0.50 a day from Pri 1 - Pri 3
    $1.00 a day from Pri 4 - Pri 6
    $2.00 a day to cover lunch and dinner from Sec 1 to 2.
    $80 a month to cover lunch and dinner from Sec 3 to 4.
    $150 a month to cover transport, lunch and dinner from JC 1 to JC 2.

    Weekends ah, dun need to think about going out la.

    I am now 25. This values are not very long ago.

    I hear of kids given $100 a week in sec 1 to eat. And not enough some more. Even just half a year ago, I had a junior who had a filthy rich dad, who owns dunno hw many resorts in bali, getting 2000 a month for pocket allowance.

    best part is, he always complain money not enough. He spends like 10 bucks on breakfast. Lunch and dinner, dun even need to think about it.

    Come on la.
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  19. #19

    Default Re: 'If we can afford to spend, why not?'

    For me, Primary 1-4, $0.50 cents a day. During those times, I don't eat during recess and save those money.

    From Primary 5-6, $2 a day. Again, I do not eat during recess as playing sports with my friends. Only spend $2 for lunch on days with remedial. Generally can save around $6 at least. Adding to that, I do trading of pokemon key chains on my school buses

    From sec1-4, it is $12 per week. Managed to saved at least half the amount as I seldom eat.

    For my JC days, it is $30 per week. It is only those times then I had 1 lunch at pasta mania with my friends per week.
    Last edited by Henessy; 12th December 2008 at 12:42 AM.

  20. #20

    Default Re: 'If we can afford to spend, why not?'

    Quote Originally Posted by luntut View Post

    Please la. I havent had pizza hut for over 3 years, and everytime I walk pass pizza hut, I get a very strong urge to walk in. But I never did, for the simple fact it costs too much for a simple meal. Its just food. Its not a celebration. Why spend so much? I spend 3 bucks a day on lunch, another 3 for dinner. 30 bucks a week, and 1 pizza hut meal can easily cost me 1 week's worth of food.

    If you had the money, if you understood the importance, and the pain it takes to WORK for that money, you will be saving it, instead of splurging it all on lavish goods and foods. And not just saving it, but putting it to work for you.
    I made by own pizza from sketch other than the sauce. Seriously, the costs of making a pizza is really cheap. Pizza hut is seriously earning a lot of money from it.

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