Money no enough: 3 roadblocks stopping you from moving out
Moving out of the family home — this may be a common goal for many people, especially adult Singaporeans. But first, there may be some roadblocks to overcome.
It’s hard to say goodbye to the home you grew up in. Your Mum’s unbeatable congee, the familiarity of family TV time — when you move out from your parents’ place, you need to forge your own routines. But comforts are not the only roadblocks to consider.
A Longer Lifespan Means Extra Pressure to Save
Did you know that the average Singaporean can now expect to live to the age of 1001? That’s great news — but it also means more years you need to account for financially, as your income needs to stretch further. That means your savings must grow to cover a longer lifespan, too.
No wonder then that people may be tempted to stay under their parents’ roof for longer, to ease the pain of paying a big rental fee, mortgage or repaying a home loan.
What’s more, if you’re one of many younger Singaporeans who provides extra allowances to your family while living under their roof, you may find that there are benefits to moving out — the sense of independence you enjoy could well compensate for higher monthly bills.
But maybe you feel that this future dream is not realistic right now? That’s okay. It is still worth thinking about the future, and thinking about when you do see yourself moving. With the right willpower and planning, moving out can still be possible. Especially if you get the right methods to assist you. There are endowment plans that could offer you guaranteed savings once the plan matures, with a yearly cash benefit after a period of time.
Strong Family Ties
As a traditional family, living with your family is seen as the norm in Singapore. That tallies with our survey, which found that 57% of people are responsible for one ageing parent — and many look after both their parents and children1. In a situation like that, it’s understandable that you might still live under the same roof, so you can give your loved ones the constant care they need.
The strength of these close ties means that 92% of people feel happy in their relationships, and almost nine out of ten feel needed1. But with that network comes some pressure to balance their own needs, with the needs of family.
However, moving out doesn’t have to mean moving far away, as you could find a place that is near your family home. At the same time, you can encourage ageing parents to build up their own networks of friends, so they don’t just rely on you for support.
Worry About the Challenges
Moving out after decades of being surrounded by your loved ones? It’s a big step for anyone. For many, the final barrier to moving out could be anxiety about a big new step.
Suddenly you’re faced with new questions as a responsible adult: Why do my weekly costs seem to much higher than they should be? How much do I want to save, and where do I begin?
As a start, you can use our Dreams Calculator to answer some of these queries and kick off your planning. But in the end, moving out doesn’t mean moving away — you can create your own path, while remaining connected to your loved ones.
1Ready for 100 Whitepaper, 2018, a study conducted by EIU commissioned by Prudential Singapore.
The information in this article does not necessarily reflect the views of Prudential Assurance Company Singapore Pte. Ltd. Certain information in this article may be taken from external sources, which we consider reliable. We do not represent that this information is accurate or complete and should not be relied upon as such.
This article is for your information only and does not consider your specific investment objectives, financial situation or needs. We recommend that you seek advice from a Prudential Singapore Financial Consultant before making a commitment to purchase a policy.