The Government announced recently that it was expanding the support package to aid Singaporeans with offsetting the coming goods and services tax hike (Assurance Package to help households offset GST hike to get $1.4b boost, will now total $8b, Nov 7). However, these support measures are only temporary.

I believe the better option is to be self-reliant, and this got me thinking about the importance of teaching young people how to save their money and consider investing once they turn 18 to grow their savings for a rainy day.

As risky as it may be, investing, if done well, can be a good form of saving for the future. With situations like the GST hike and inflation, standards of living can become difficult to maintain, and we need to be prepared financially for what’s to come.

A future generation that is not over-reliant on government intervention would also mean that resources could be allocated to other more pressing issues. 

Furthermore, with investment vehicles like Singapore Saving Bonds that are arguably less risky due to support from the Government, there are many avenues for young adults to invest their money to ensure a stable start. 

Lynn Soh, 21

Undergraduate Year 1