The reasons are not hard to trace, though, if one steps back and observes the lifestyles of these so-called 'yuppies' who hold lucrative jobs that promise much.

Today, Singaporeans' consumption habits more or less mirror those of Americans who have traditionally been consummate spenders. And like Americans, many Singaporeans discount the future in order to consume today. They are hooked on what sociologist Thorstein Veblen termed 'conspicuous consumption', which used to be the affliction of the rich.

To be sure, they get a lot of help in this respect. Crowded malls for drop-dead shopping with foodcourts to give respite to continue shopping; colourful full-page ads that tell you how good you look in that suit, how macho it would be behind the wheel of that new BMW, or hey, wouldn't that DaVinci sofa look great in our living room?

And if shopping at the mall is not your cup of tea, you can always let your fingers do the walking - relax and shop on the ubiquitous Internet. Everything to your heart's desire, from watches to motorcycles (spam notwithstanding), no problem as long as your credit is good.

Keeping up with the Joneses has given way to keener appetites: affordable luxury; living well with a vengeance; we have it, let's flaunt it; you can't take it with you; and the rest. All of which keeps the cash register ringing and, of course, an unhealthy growth in credit card debt.

One can argue that consumption is normal desire made possible by a successful economy. But if you think about it, how much do you really need?

And if you think again, there is actually nothing natural about consumer desires. They are fabricated to relentlessly stimulate these consumption habits with but one objective: to make a buck. Advertising agencies know this only too well and exploit it to the hilt.

So, a sizeable number, including the nouveau riche and even those who can ill afford it, become needlessly weighed down by a tsunami of debts as they continue to spend what they have yet to earn.

What one sees is an ethos of consumption that really did not exist a couple of generations ago, when the norms of the lower class and middle class dictated thrift and austerity, living within one's means, saving for the future and for one's children, and not being conspicuous, really, about anything.

The picture looks different now and it's not pretty. Overindulging Singaporeans are in a predicament of their own making and they must, for the sake of their retirement, find a way out unaided - and the sooner the better.

New year resolution, anyone?

Philip Lee Seck Kay