I tune in to a few feeds to read local news and they are not from Singapore Press Holdings. The most useful i feel is Singapore Enquirer, which provides an alternative view on Singapore News and the political landscapes.
However in this article on Singapore Prescribes Shorter Shower, Less Meat to fight slump, there is this portion that highlights an example that some are not taking heed of the finance advice to reduce their discretionary spending:
MoneySense, a national financial-education program run by the central bank, sponsored an advertisement in the Straits Times last month featuring a cartoon of a man showing off his new cell phone, then skipping lunch and subsisting on water because he had no money left.
Not everyone is getting the message. Alicia Leong, 29, received a 32-page booklet in her mailbox in December with tips on saving money. The next day, she spent S$1,200 on new clothes and a handbag, charging them to two of her seven credit cards.
I still have a job, so I dont see the need to tighten my belt, says Leong, a teacher at a local high school. Ill probably stop when my credit cards are maxed out.
Now, my rant is towards the way this article is phrased. It would seem that it potrays Miss Leong as a civil servant with a stable and steel rice bowl, thus she is able to spend on new clothes and a handbag. To me, these details need not be laid out.
There is nothing wrong with spending 1.2k on cloths and handbags. Hell, most guys i know spent 2k building a comp or getting a car. 1.2k is miniscule compare to that. However, leveraging heavily on credit cards for spending is dangerous unless the limit is backed by enough cash reserves.
Reading things like this indicates to me that the shit hasn’t hit the fan as far as economic downturn is concern. Look to the situation to worsen substantially.