Income inequality here seen as one of the region's highest

[Viceroymenthol]

http://www.businesstimes.com.sg/archive/th...regions-highest

 

Published June 28, 2012

 

Income inequality here seen as one of the region's highest

 

9 in 10 polled can't tell which income bracket they're in

 

By lim wei sheng

 

 

IT'S a head-scratching paradox. While Singaporeans perceive income inequality levels here as being one of the highest in the region, nine out of 10 don't even know which income bracket they belong to.

 

According to a March 2012 survey of 10 Asia-Pacific cities by Fidelity Worldwide Investment, of the 90 per cent of Singaporeans who do not know which income bracket their household belongs to, 68 per cent underestimate and 22 per cent overestimate it.

 

This leads to the poorest households in the first decile perceiving themselves as situated in the third decile, while those in the wealthiest 10th decile locate themselves within the more modest sixth decile.

 

These misperceptions have implications for investment decisions, according to Betty Ng, director of investment communications, Asia Pacific at Fidelity. She said that overestimation can lead to overspending, while underestimation may cause investors to lose returns due to excessive risk-aversion or risk-taking.

 

Income inequality fears remain very much alive, though. Based on responses by the 507 Singaporeans surveyed, a typical household needs to earn an average of $2,662 in monthly pre-tax income to be qualified as low-income, and earn an average of $12,140 to be qualified as high-income.

 

The difference between what constitutes low and high income is the widest for respondents in Singapore, suggesting that respondents here perceive the greatest inequality in their current incomes.

 

Three in four Singaporeans are also expecting widening spreads in income levels over the next 10 years, comparable to the regional average of 76 per cent. Only 42 per cent of Singaporeans believe that their household income would improve in the future, compared to 49 per cent for all 10 cities.

 

Nevertheless, Singaporeans foresee a more optimistic future for their children, with 91 per cent of respondents believing that their children would attain middle or high income status when they reach their 40s. Indeed, 35 per cent of self-classified low-income respondents predicted that their children would attain high income status, while this proportion was 67 per cent for self-classified high-income respondents.

 

Based on data from the Department of Statistics, average monthly household income in 2011 stood at $9,618, with income in the fifth decile standing at $7,032 while income in the 10th decile reached $27,867.

 

[Throttle2]

http://www.businesstimes.com.sg/archive/th...regions-highest

 

Published June 28, 2012

 

Income inequality here seen as one of the region's highest

 

9 in 10 polled can't tell which income bracket they're in

 

By lim wei sheng

 

 

IT'S a head-scratching paradox. While Singaporeans perceive income inequality levels here as being one of the highest in the region, nine out of 10 don't even know which income bracket they belong to.

 

According to a March 2012 survey of 10 Asia-Pacific cities by Fidelity Worldwide Investment, of the 90 per cent of Singaporeans who do not know which income bracket their household belongs to, 68 per cent underestimate and 22 per cent overestimate it.

 

This leads to the poorest households in the first decile perceiving themselves as situated in the third decile, while those in the wealthiest 10th decile locate themselves within the more modest sixth decile.

 

These misperceptions have implications for investment decisions, according to Betty Ng, director of investment communications, Asia Pacific at Fidelity. She said that overestimation can lead to overspending, while underestimation may cause investors to lose returns due to excessive risk-aversion or risk-taking.

 

Income inequality fears remain very much alive, though. Based on responses by the 507 Singaporeans surveyed, a typical household needs to earn an average of $2,662 in monthly pre-tax income to be qualified as low-income, and earn an average of $12,140 to be qualified as high-income.

 

The difference between what constitutes low and high income is the widest for respondents in Singapore, suggesting that respondents here perceive the greatest inequality in their current incomes.

 

Three in four Singaporeans are also expecting widening spreads in income levels over the next 10 years, comparable to the regional average of 76 per cent. Only 42 per cent of Singaporeans believe that their household income would improve in the future, compared to 49 per cent for all 10 cities.

 

Nevertheless, Singaporeans foresee a more optimistic future for their children, with 91 per cent of respondents believing that their children would attain middle or high income status when they reach their 40s. Indeed, 35 per cent of self-classified low-income respondents predicted that their children would attain high income status, while this proportion was 67 per cent for self-classified high-income respondents.

 

Based on data from the Department of Statistics, average monthly household income in 2011 stood at $9,618, with income in the fifth decile standing at $7,032 while income in the 10th decile reached $27,867.

 

 

Wow, reality hits, i am probably in the third decile with $4k monthly income.

 

KNN @#$^%&^#%$$^&$.

 

 

 

 

Edited July 5, 2012 by Throttle2

[Viceroymenthol]

Wow, reality hits, i am probably in the third decile with $4k monthly income.

 

KNN @#$^%&^#%$$^&$.

 

Your $4k is much bigger than our $4k lah.... Your $4k makes you shoot off the DOS charts liao....

[Throttle2]

Your $4k is much bigger than our $4k lah.... Your $4k makes you shoot off the DOS charts liao....

 

$4k is $4k lah brother.......

[KARTer]

Will minister ask: what do you think?

[Oblong]

ministers know when to keep quiet. Only when they are approached with a question, they ask buffer questions.

 

Anyway, is gini coefficient calculated via household income?

If not, follow standard leh.

 

Also, best to show the distribution curve. More informative.

[Joseph22]

12K income is very low leh. how come consider high?

 

6K and below are consider low income imo.

 

8K is high-low while 10K at most be Low-mid nia. (actually i think is somewhere between High-low and low-Mid)

[Sabian]

12K income is very low leh. how come consider high?

 

6K and below are consider low income imo.

 

8K is high-low while 10K at most be Low-mid nia. (actually i think is somewhere between High-low and low-Mid)

So what's considered low-high, mid-low, high-mid and high-high?

[Joseph22]

So what's considered low-high, mid-low, high-mid and high-high?

i was thinking low-high should be in the income range of at least 30K (or more) a month. IMO of course. i might be wrong.

Edited July 6, 2012 by Joseph22

[Bigmatt140]

Wow, reality hits, i am probably in the third decile with $4k monthly income.

 

KNN @#$^%&^#%$$^&$.

 

I am new to the forum and i have been reading quite a bit of the current posts and older posts.

 

I have seen you mention many many times that you only earn 4k per month (or there abouts) and being a table wiper but at the same time you appear to be rich (at least this is the impression you give)

 

So either,

 

1) you are really earning 4k but have substantial assets and money or income elsewhere - if so, why keep mentioning you earn ONLY 4k??? it doesnt look good on you at all as it doesnt reflect on your true financial status. makes you sound very childish

 

2) you are only earning 4k. and your wealth is similar to a 4k salary man - then why you try so hard to sound rich?

 

3) you are bluffing you earn 4k. then i really got nothing to say

Edited July 6, 2012 by Bigmatt140

[Jman888]

you interested in him ?

 

he is used to people stalking him

 

I am new to the forum and i have been reading quite a bit of the current posts and older posts.

 

I have seen you mention many many times that you only earn 4k per month (or there abouts) and being a table wiper but at the same time you appear to be rich (at least this is the impression you give)

 

So either,

 

1) you are really earning 4k but have substantial assets and money or income elsewhere - if so, why keep mentioning you earn ONLY 4k??? it doesnt look good on you at all as it doesnt reflect on your true financial status. makes you sound very childish

 

2) you are only earning 4k. and your wealth is similar to a 4k salary man - then why you try so hard to sound rich?

 

3) you are bluffing you earn 4k. then i really got nothing to say

[Bigmatt140]

you interested in him ?

 

he is used to people stalking him

 

no la....just find some people very childish and weird

[Jman888]

no la....just find some people very childish and weird

 

 

then you should start reading his post from day 1

 

by the way, there are many funny and weird people, just get use to it

Edited July 6, 2012 by Jman888

[Bigmatt140]

then you should start reading his post from day 1

 

oh...did i misunderstand him?

Edited July 6, 2012 by Bigmatt140

[Joseph22]

then you should start reading his post from day 1

 

by the way, there are many funny and weird people, just get use to it

i think Bigmattt is one of the older forumer who used to stalk and whack Throttle.

[Throttle2]

in a forum is where we can be childish and weird.

 

release a bit of tension and make a few freinds as well as engage in some debate.

 

however all without being too personal .

 

In real life, we are all quite different, i guess.

 

 

So I do earn $4k a month, depends if you are talking about my dividend earnings or my work salary or my investment P/L.

 

anyway I already change it to $8k per month becos Viceroy anyhow tambah one number and i follow him.

 

So from now on, plse note that my monthy salary is $8k .. Okay?

 

 

 

[Tigerwoods]

in a forum is where we can be childish and weird.

 

release a bit of tension and make a few freinds as well as engage in some debate.

 

however all without being too personal .

 

In real life, we are all quite different, i guess.

 

 

So I do earn $4k a month, depends if you are talking about my dividend earnings or my work salary or my investment P/L.

 

anyway I already change it to $8k per month becos Viceroy anyhow tambah one number and i follow him.

 

So from now on, plse note that my monthy salary is $8k .. Okay?

Got answer like No answer like that.. So chim

Frankly we all want to ask you 1 question oni.

 

You one of the mirrionaire already or not ?

If yes we won't suan you with Hao Lian

If no, we suan you for not honest.

If maybe, we suan you for beating around the Bush

If no comments, we suan you for not coming clean with us

You choose.

If maybe we

[Wyfitms]

no la....just find some people very childish and weird

 

now u find certain ppl childish... but very soon u may treat them as your idol