“More will job hop, with high attrition rates in some professions – because just earning money is not enough – young people want to know that they have made a difference. They look for new experiences and learn new things as they know the possession of single or static skillsets is not sufficient to thrive amid the competition…millennials also enjoy hunting down Instagram-worthy hangouts and participating in various arts or sporting events, and so Singapore must be able to cater to such leisure activities.”
The millionaire PAP Minister also said that the millennials are no longer interested in pursuing wealth like the 5Cs, and lead a carefree and irresponsible lifestyle:
“The mindset of youths today is that, the Singaporean dream of possessing the 5Cs – cash, car, credit card, condominium and a country card membership – was in the past and that millennials are developing their own definition of success.Our youths today crave memorable and purposeful experiences that emphasise the importance of the journey, instead of being fixated with the destination. The youths want to be excited about where they live, work and play, encapsulated by the You Only Live Once (YOLO) attitude.”
Unbeknown to the Minister, Singapore’s younger generations today face greater employment competition from foreigners as compared to the previous generations. Salaries are also stagnated and opportunities are not as abundant due to the influx of foreign labour. In a recent university graduate employment survey, it was found many graduates are earning below S$2,000 on a full-time pay and that unemployment rate of graduates are at least 21%.
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