Pros and Cons of Living in Singapore for Expats in Finance with Young Kids
Singapore is a globe-trotting financial hub attracting expats from various backgrounds. For those with young kids and a professional tenure in finance, life in Singapore can be a blend of convenience, adventure, and challenges. Let's explore the pros and cons of living in this vibrant city-state, deemphasizing the 'Singapore sting' that some expats might experience.
Pros
Safe and Secure: Singapore is renowned for its safety. Unlike many other big cities around the world, it has a low incidence of violent crimes; no gun violence and rare occurrences of knife violence. This sense of security is a significant plus point for families with young children. (Pro: Public Safety)
Global Connectivity: From Heathrow to Hong Kong, Singapore’s Changi Airport offers easy connections to almost anywhere in the world. This makes it incredibly convenient for business trips and maintaining ties with your home country. (Pro: Global Connectivity)
Pest-free and Natural Disasters: While natural disasters are rare, you might occasionally experience haze during the dry seasons, possibly due to forest fires in neighboring Indonesia. Otherwise, the island is generally free from severe weather events. Singapore’s cleanliness and efficient public services also contribute to its resilience. (Pro: Natural Disasters and Urban Resilience)
Affordable Public Transport: Transport in Singapore is relatively inexpensive compared to many other Asian cities, with buses, trains, and even dedicated MRT (Mass Rapid Transit) lines covering the whole island. This makes day-to-day commuting accessible and economical. (Pro: Affordable Public Transport)
Diverse and Accessible Food: Singapore is a gastronomical heaven. From street food to fine dining, there’s always something to satisfy your taste buds. The variety and availability of food offer endless opportunities for culinary exploration. (Pro: Culinary Diversity)
Strong Currency and Tax Benefits: Earning in Singapore dollars means having one of the strongest currencies in Asia. Additionally, the tax system caps income tax at 33% for high earners, making the disposable income quite substantial. (Pro: Economic Stability and Tax Benefits)
Cons
cost of Living Increasing: While expenses like public transport are manageable, the cost of living has definitely risen since pre-Covid times. A simple cup of coffee now costs 50% more, and the cost of food and essential goods has increased globally. Service charges and GST (Goods and Services Tax) frequently add to the cost of dining out. (Con: Rising Cost of Living)
Property Market: Rents in Singapore have seen a significant increase, reflecting the demand for accommodation in such a bustling city-state. Owning a car also comes with high costs, including fuel and parking fees. These factors can be challenging for those on fixed salaries. (Con: High Rents and Car Ownership Costs)
Urban Environment: While Singapore boasts many parks and green spaces, it lacks the long rolling hills and clear seas found in places like Hong Kong. The dense urban environment can sometimes lead to views or activities that are less scenic. (Con: Limited Natural Scenic Spots)
Traffic and Public Transport: While the public transport system is efficient, you may experience crowded public transport and public housing. The tight living quarters and public spaces can sometimes induce tension in the city. (Con: Public Transport Crowding)
Conclusion
For expats in finance with young children, Singapore offers a unique blend of advantages and challenges. It's a city that values cleanliness, efficiency, and connectivity. While living costs are on the rise, the city's robust service system and diverse cultural offerings provide a valuable life experience. Whether you're drawn by the opportunities or the safety, Singapore has a lot to offer those with a young family. The choice of whether living in Singapore is for you may depend on your personal and professional goals, as well as your level of adaptation to urban culture.