Out of the old "five Cs", only cash remains relevant
Success in Singapore has been “redefined”. The traditional five Cs that used to identify top aspirations of majority of Singaporeans has gone for a revamp.
While cash remains king, the other factors typically associated with the old 5Cs – owning credit cards, enjoying country club memberships, living in a condominium and driving a car – ranked low in a recent study.
The findings highlight a significant shift from material-driven ambitions to a desire for personal growth.
At the top of the priority list is earning more cash. Almost all (94%) of those surveyed by Tigerhall identified earning more cash as a top aspiration.
Next on the list was career. About 85% of respondents consider establishing a good career as being an important life goal. This trend is especially apparent among young Singaporeans at the beginning of their career.
Another top priority was developing cultural proficiency. Seven in 10 Singaporeans place a high importance on seeking opportunities such as travelling the world. Once again, millennials are driving this trend.
Holding credibility in society and at work was also a top aspiration, with 67% identifying the factor in the study. This trend was headed by professionals in the middle of their careers. About seven in 10 professionals between the ages of 30 and 44 felt that it was important to command the belief and trust among the people around them.
Enjoying convenience of products and services is the newest addition to the 5Cs. This is reflective of the impact of today’s digital age and the increasing demand for a consumer-centred experience, which is a growing expectation at the workplace as well.
When asked how they felt about the old 5Cs, the findings were underwhelming:
- 33% still viewed owning a condo as important
- 32% said the same about credit cards
- 30% saw owning a car as a priority
- A mere 3% cared about country club access