OpenAI - "what is the current birth rate of Singapore and what is the future trend for the next 5 years?"
As of 2024, Singapore's total fertility rate (TFR) hit a record low of 0.97, marking the first time it dropped below 1.0. This continues a downward trend, with previous figures at 1.04 in 2022 and 1.12 in 2021. Various factors contribute to this decline, including financial concerns, pressures of parenting, and challenges in balancing work and family life.
Looking ahead, experts predict that Singapore's birth rate will likely continue to face challenges unless significant policy changes are made. Suggestions for improving the birth rate include adopting more generous and gender-equal parental leave policies, similar to those in Nordic countries, and addressing the high costs and stress associated with raising children.
This trend aligns with Singapore's broader demographic shifts, including an aging population and a contracting population pyramid, common in highly developed nations with low birth rate.
My Thoughts
- Government announced a slew of policy changes i.e. GEP, Parental Leave, Singles priority, etc. I'm not a political person but I think these are good changes overall.
- Imo, increased parental leave is great. Just not sure this will help push the birth rate trend up. I think the real drivers are about life aspirations, family values and monetary asset expectations.
- If I did not had 3 kids, I could have more $$$ to invest, potentially retire earlier and do the things I want. But I decided that's not what I want and was the key moment in planning my life subsequent phases i.e. dating, etc. Everyone's different and more exposed to "international" thinking now, but I suggest to go for it whole-heartedly once decided and not procrastinate because it is hard.
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