Marked progress in education, wages of Singaporeans

The new study by the Ministry of Finance tracks the socio-economic outcomes of four generations of Singapore citizens born from 1940 to 1979.
The new study by the Ministry of Finance tracks the socio-economic outcomes of four generations of Singapore citizens born from 1940 to 1979.PHOTO: ST FILE

Close to half - or 44 per cent - of Singaporeans born from 1970 to 1979 have university degrees, compared with 7 per cent of those born from 1940 to 1949, a report released by the Ministry of Finance shows.

Compared with earlier cohorts, Singaporeans in their 40s today are also better able to find jobs, earn more, and live longer and healthier.

Their median real gross monthly income is also double that of those now in their 60s when they were in their 40s.

And the median real balance in their Central Provident Fund (CPF) Ordinary and Special accounts is three times that of those in their 60s when they were at the same age, after accounting for inflation.

But those who are now in their 40s have less family support, as fewer of them are married and families are smaller, the report found.

The study, which draws on official data, tracks the status of four generations of Singaporeans when they were in their 40s.

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A version of this article appeared in the print edition of The Straits Times on October 23, 2019, with the headline 'Marked progress in education, wages of S'poreans'. Print Edition | Subscribe