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Beyond money: Why financial incentives alone aren’t encouraging more births
It’s all in the head. Research shows that people in societies like Singapore compare themselves with others amid intense status competition and put off having children because they fear they are lagging behind.
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Experts have observed people prioritising careers and wealth over having children to maintain a middle-class lifestyle.
PHOTO: ST FILE
Amy Lim
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Singapore’s birth rate recently reached a record low, having fallen from 1.12 in 2021 to a mere 1.04 last year. Figures were equally disconcerting in South Korea and Japan,
Yet, despite continued efforts to boost birth rates – including the use of financial incentives such as cash bonuses and paid parental leave – the figures continue to fall in these countries. This begs the question: Can financial incentives alone effectively boost birth rates?
