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The ExchangeA HAND IN STOCK INVESTMENT

Living in the Material World

With the increasing prevalence of e-commerce websites, youths are being influenced to buy more. (Photo: Chloe Tan)

Young Singaporeans are becoming more materialistic, placing a strong priority on possessing goods, and numerous end up spending excessively.

Chloe [email protected]

February 2015A supplement of npTribune

WORKING PART-TIMEWHILE SCHOOLING:WISE?

START YOUR SOCIALENTERPRISE IN CAMPUSPAGES 2 & 3

A survey involving 107 tertiary students has found that majority of them have affluent spending habits on material items. From the results, 67 per cent agreed that what they currently have was more than what they needed, and 58 per cent believed that by having more material possessions, they would live an additionally satisfying life. Additionally, the respondents tend to frequent shopping centres at least once a week, spending an average of $700 to $1,500 per month on lifestyle goods. Final-year Singapore Institute of Management (SIM) student Dyan Peh, 23, has a penchant for owning the latest gadgets and following fashion trends, and says, “I like being a trendsetter. If I can afford it, I don’t really see anything wrong with buying things I like.” Kum Kai Wen, 19, a Management Development Institute of Singapore (MDIS) Information Technology graduate, frequently participates in online auctions to bid on Japanese anime collectibles and has spent around $46,000 on his figurine collection. “It’s very exciting to bid against thousands of other hobbyists who want the same thing and winning feels very thrilling. Also, most of the items I bid on are limited edition and it feels good to know that I’m one of the few lucky people in the world to own them,” says Kai Wen. More youths are starting to spend lavishly on high-end goods too. “We are seeing an increase in younger customers buying our products. What they purchase can go

up to five figure sums or more at times,” says Jenny Hui, 36, the marketing head of luxury watch brand Vacheron Constantin. Mrs Adela Tan, 51, Vice President of VF Corporation, a branded apparel company, believes that this consumeristic mindset is due to our surroundings. “There are advertisments strategically placed at bus stops, train stations and even online stores now. Also, many malls are springing up in heartland areas, and high street brands are starting to enter this market, making their purchase points even more accessible to people from all types of socio-economical backgrounds. Buying and wanting to buy things is inevitable. It’s very difficult not to cave in and you end up purchasing anyway,” says Mrs Tan. Hence, she also agrees that buying and wanting to buy things is inevitable as it is difficult not to cave in to materialistic temptations. Madam Suki Tong, 49, a child and adolescent psychologist, feels that the root of this problem is due to parents, and says, “Parents don’t really have time to connect with their children because of work. Feeling guilty, they show their love by giving

them material things or money. This behaviour encourages feelings ofentitlement and gradually substitutes their relationship with the value of material goods.” Madam Tong also cites emotional spending as another reason why youths become materialistic. “Negative feelings may cause some youths to turn towards spending as a temporary relief. And with parents paying for them, they don’t feel the pinch and have increased tendencies to overspend,” she adds. On ways to solve this issue, Madam Tong says, “Parents could discourage entitlement, and come up with ways to curb it. This can only be resolved by the willingness and proactiveness of oneself.” Madam Tong also suggests that youths should volunteer in

countries that are less developed to learn life lessons. “Exposing them to the less fortunate, will make them learn that people there don’t need much to live contently and encourages gratitude for the things they have. This detracts them from their own situation, and shows them that there’s a richer side of life that isn’t just confined to what you can buy,” Mdm Tong says.

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”Majority of teens are too dependent ontheir parentsPOLL: Do you receive your monthly allowance from your parents?

Source: BASED ON AN NPTRIBUNE POLL OF 107 YOUTHS AGED 18 TO 35

Yes, but I am currently working part-time for part of my allowance

Yes, my entire allowance comes from my parents

No, I currently work part-time for my entire income

64%

27%

8%

The Exchange - a Supplement of npTribune| February 2015

PAGE 2

“Parents don’t really have time to connect with their children because of work. Feeling guilty, they show their love by giving them material things or money.” - Child and adolescent psychologist, Mdm Suki Tong

PAGE 4

“Buying and want-ing to buy things is inevitable. It’s very difficult not to cave in and you end up purchasing anyway.”

- Retail Buying Vice President of VF Corporation, Mrs Adela Tan

SPECIAL

Stocking Up for the FutureIt is not uncommon to see youths earning at least four figures from stocks.

Sometimes, companies hire multiple freelancers for their events so that the work will be equally shared without compromising on cost or quality. “We usually try to hire freelance videographers because we see the quality. They are also more affordable and we need people like them to deliver the quality,” says Mr Elwyn Chan, 33, owner and founder of Stirling Bar & Grill. “Freelancers are more flexible, they can dedicate more (of their time and effort) to you,” he adds. Within the last decade, there is a new breed of blogs rising in Singapore called blogshop. It is an online fashion store that utilises blogs to conduct business. “People prefer blogshops because they have things that sometimes online shops like Zalora do not, and more importantly, it’s at a more affordable price,” says Nuraifana Sadali, 19, NP Biomedical Science student. Most of the blogshop owners are secondary and tertiary education students. “At times, it’s really tough but it is worth it as I made $1,000 to $1,200 from my profit margins in eight months,” says Jolean Lauw, 16, a budding blogshop owner.

It is No Double Trouble for Working YouthsYouths portray a positive insight in working part-time during school weeks.

Cash in a FlashThere are more non-traditional ways to

earn money in a short period in time.

Piles of clothes are casually dumped on her hands as she scrambles to allocate a fitting room for eager shoppers to try out clothes. This is part of a typical workday for Siti Fazira, 18, who works in retail store Dorothy Perkins while pursuing her diploma in Integrated Events Management in Republic Polytechnic (RP). Fazira also manages the cashiering booths and handles customer enquiries. She works part-time at least twice a week, sometimes immediately after a hectic day of classes. It is common for students to work part-time, especially during the holidays. Schools are even encouraging students to work part-time. In Ngee Ann Polytechnic (NP), students have a myriad of part-time jobs to choose from on the homepage of NP’s learning board, MEL. However, many students are still shying away from extra jobs during school weeks. Only 20 per cent of youths surveyed online work part-time during school periods. In addition, 74 per cent of respondents who do not work part-time cited school commitments for their reasons. Half of the respondents also do not encourage students to work during school periods. “Working can be very exhausting, especially if I have to complete my projects and assignments hurriedly before I rush down to work,” Fazira adds. “I thought I could work nearby school after lessons because it feels convenient,” says Bridget Bay, 18, an Infocomm Security Management student studying in Singapore Polytechnic (SP). “However, my school and work schedule always seem to clash so I just decided to concentrate on school.” She used to work in food and beverage (F&B) and retail stores during school periods, but eventually left after a few weeks because it took a toll in her time management. Since Fazira began working in March 2014, she has been paying for her own expenses and has stopped taking money from her parents.

Rachel [email protected]

It’s all smiles for Ng Yu Wei as she makes coffee for dining customers. Like her, many schooling youths working part-time enjoy it (Photo: Rachel Yeo)

Yonas [email protected]

Jurvis Tan, a budding freelance web and iOS developer has made $5,000 through freelancing. (Photo: Yonas Ngaturi)


While his peers could be consulting lecturers, 19-year-old Ngee Ann Polytechnic (NP) Accountancy student Uma Nandan Jeyaratnam is consulting his stockbroker on prospective investments. Nandan has approximately made $1,400 in virtual stocks in two years - a seven per cent return of his US$20,000 (S$27,030) investments in stocks. This is an approximate that is expected to increase as Nandan plans to invest long term. “I can quite confidently say that the only way to achieve financial freedom (no longer needing to work to support your lifestyle) is to invest,” he says. In today’s context, stocks have become a very low barrier-to-entry field, primarily due to technological advances. Aspiring traders and investors can look up the Internet to get started on stock trading and get tips from experts.

For example, American high schooler Connor Bruggemann, was able to make US$290,000 (S$391,978) in a year through trading on his laptop and mobile phone. Initiatives from the Singapore Exchange (SGX) are enticing more youths to go into the world of stocks. Investor Education Day organised by SGX, aims to teach students the risks and returns of investments. SGX also partnered up with Chartered Financial Analyst (CFA) Singapore to hold basic investing lessons. “It benefits the young traders and investors substantially from the high quality and structured education format delivered by CFA and event speakers,” says Mr Amos Tay, 38, stock remisier. However, the performance of the stocks can be easily affected by external and internal forces like the country’s economic climate and the company itself. “The most obvious risk is that if inappropriate strategies are deployed, or if one invests in a company with a poor balance sheet and unstable financial condition,” an option trader who only wants to be known as Mr Huang Chi. However, Mr Liang Tan, 49, a business owner, reckons that the risks provide good lessons for younsters “One lesson that my child learnt from this is the concept of money. It’s hard to earn but so easily lost with one mistake,” he says. “I would encourage youths to start stock trading as soon as they can. It gives an insight how economics and businesses work. More importantly, it offers an alternative source of income, ” he adds.

“

”

“I can quite confidently say that the only way to achieve financial freedom (no longer needing to work to support your lifestyle) is to invest.”

- Student, Uma Nandan Jeyaratnam

Are Youths Earning Money Wisely?

“I think it is something I pride myself in,” says Fazira. “Some of my friends also work because they feel the need to start relying on themselves financially instead of others.” Juggling with school is also a working student’s biggest obstacle, yet many of them remain unfazed and still want to carry on with that extra commitment. Ng Yu Wei, 18, an NP student pursuing a Film, Sound and Video diploma, sacrifices her school evenings to assist in kitchen duties at Café Mondo in Orchard Central. “Work eventually became a stress relief for me actually, because it is fun to work with my colleagues,” says Yu Wei. According to the Ministry of Manpower (MOM), 47 per cent of employment firms now offer flexible work arrangements, especially part-time work. Companies like Café Mondo offer flexible arrangements too, but face the challenge of accommodating students in appropriate time slots. Café Mondo’s staff consists of 20 people, the bulk of them being students. Ms Widayawati, 33, the manager of Café Mondo, gets her student part-timers to text their school schedules in, to a Whatsapp group every week. Then, she crafts out the shifts for them to follow. “I would prefer to hire poly students with different ranges of timetables,” says Ms Widayawati. She explains that with different timetables, she will be able to fit the morning and afternoon timings more easily. When students cannot make it for their settled work schedules due to last minute projects and assignments, Ms Widayawati remains understanding, as she knows these situations may be inevitable at times. Working youths also encourage other students to follow their footsteps, as long as one has the time and still put studies as top priority. “I think it’s okay to work if you like your job and able to manage your school work well,” adds Yu Wei.

piggy bank here

of respondents h

ave worked

part-time at le

ast once.86%

16the most common age for youths to seek their first part-time job.

The minimum salary

part-timers look out for before

they start working

$7-$7.50

The top 3 workplaces

for part-time work

Event Jobs (eg. One-time events,

usually short-term)

Admin Jobs

(eg. Data entry)

Retail Jobs

(eg. Sales assistant)


New age technology like the Internet and social media has paved the way for new methods for youths to earn fast cash. Freelancers are people who have control over the projects and clients they would want to take on, and can complete the projects on their own time. They can be found working in industries like IT, management and the media. “Freelancing is a fresh and professional take on what I’ve done in the past,” says Jurvis Tan, 17, Ngee Ann Polytechnic (NP) Infocomm Technology student and freelance web and iOS developer. In the last two years, Jurvis has made approximately $5,000. He has worked with clients like online marketplace Carousell, and received sponsorships from Singapore Sports Council (SSC) through his work. “A small project can sometimes be done within a day, in five to six hours, and the bigger ones can be two to three weeks. I would give myself extra time to complete them, so it isn’t too much stress or a hassle,” says Jurvis.

SPECIALThe Exchange - a Supplement of npTribune| February 2015 2 3

BASED ON AN NPTRIBUNE POLL OF YOUTHS AGED 16 TO 22

Ngee Ann Polytechnic’s homegrown entrepreneurs explain the perks of having a social enterprise in campus.

Rachel [email protected]

January saw the beginning and the end of two significant social enterprises, The 2 Monkeys and 8 Fahrenheit respectively. It was the last day of operations for ice cream café 8 Fahrenheit on Jan 30, selling out ice cream and waffles mostly with fanfare. Metres away, The 2 Monkeys, a sandwich and bubble tea store, havejust completed a month of food and beverage operations. Such businesses run by students often come and go for a period of two to three years. Managed by Entrepreneurs- Connect@NP (EC@NP), this ensures that a fair opportunity is given for students to start their own businesses.

Despite the limited time frame, there are still a myriad of advantages for budding, young and passionate entrepreneurs. “Rental is really low compared to outside,” says Muhammad Zulkifli, one of the founders of The 2 Monkeys. He also adds that he pays less than a quarter on rent compared to outlets in shopping malls or elsewhere. EC@NP also aids financially

competition by EC@NP, giving them a monetary boost. Starting a social enterprise on school premises also allows students to remain protected. “It’s a good training ground for students who aspire to become good businessmen and women,” says Tan Jia Hui, 19, a final-year student in Business and Social Enterprise. There is still room for improvement to groom potential businesspeople. Jia Hui hopes that there will be more avenues for students to open physical shops, coupled with more chances for amateurs to network and seek professional mentorship. But for now, students are mostly satisfied in what they are doing, and the extra help they receive. “Ngee Ann always supports us in many ways,” says Yong Long.

64%

27%8%


by covering renovation costs and sponsoring students some money if they have done well in business competitions. “This really gave us a chance to start earning first,” says Foo Yong Long, 19, a final-year student in Business Studies and the other founder of The 2 Monkeys. The origins of The 2 Monkeys began when Zulkifli and Yong Long won a sum of money in a business

Passion PaysDevoted and hardworking healthcare workers are about to get a raise.


Speaking at the Nurses’ Merit Award 2014 Presentation, health minister Gan Kim Yong announced an increase in nurses’ base salaries. There will be a five to 20 per cent increase, in two stages; in 2014 and 2015. The ministry recognises that the nursing industry is made up of mainly females. They may need to attend to their children or elderly parents, hence they will need work towards having more flexible job arrangements. These are some of the latest policies in the changing healthcare landscape. Healthcare was listed under the Strategic and Skills-In-Demand list in 2009. The Deputy Chair of the Government Parliamentary Committee for Health, Dr Fatimah Lateef told Channel NewsAsia in 2012 about the demand for healthcare jobs. "For emergency departments that see about 500 to 600 patients in a day, we are really understaffed at a tertiary level. So I think in primary health, as well as at polyclinics, we definitely need to boost this as well,” she says.

Life EducationLearnt OverseasAre pastures greener outsideSingapore?

Vanessa [email protected]

It has been two years since Andrea Tan, 21, has returned to Singapore since starting at the University of Melbourne, and she has not looked back since. Andrea registered for the University of Melbourne after receiving her GCE ‘A’ Levels in 2012. Studying for her Bachelor of Arts Undergraduate degree, she feels as if time has passed really quickly in the land down under. “I really like the degrees they offer here. The pace they study at here in Melbourne is way more relaxed,” Andrea says. She pays up to $10,000 an academic year, depending on the number of subjects she takes per year. Studying in the National University of Singapore (NUS) would only require her to pay about $8,000 for an academic year. “Sure, compared to Australia, Singapore would be cheaper due to the fact that I am a Singaporean, but I have wanted to studying in Australia for a really long time,” Andrea says. “It’s very quiet and relaxed here, and I’ve made friends with so many people from different countries and cultures,” says Sarah Chong, 22, an undergraduate at the University.

She keeps in contact with her family via weekly Skype calls with them. “It’s great to be able to study overseas. I wanted to immerse myself in a different lifestyle and culture and I got to do that here. I’m very happy with the choice I made," says Sarah.On their off days, both students work at local establishments for pocket money to spend. Sarah works as a waitress, while Andrea is a shop assistant downtown. “If you come from a middle-class background like me, then try and find a job while you’re here.” says Andrea. Andrea and Sarah both take care of their own living expenses. “It’s not hard to juggle a job and school if you manage your time well enough,” says Sarah.

When School Becomes A Place for your BusinessIt’s a final farewell at 8 Fahrenheit after three years of business.(Photo: Rachel Yeo)

Working with the ill and injured may not be the dream job but it is in demand and some are keen to take it up. “Many people think of nursing students as the ones who would be future nurses, but in fact there are so many avenues in healthcare that could pay a lot, what’s more is that healthcare is in demand,” says Chen Huixian, 19, second-year nursing student at Ngee Ann Polytechnic (NP). Huixian also entered the course through Direct Polytechnic Admission (DPA). Germaine Lim, a 19-year-old NP nursing student agrees, “At the end of the day what matters is seeing patients get better and that is what keeps me going no matter how hard it is.” For Huixian and Germaine, their passion will eventually pay off.

Figures from the Australian government indicate that 10,000 Singaporeans are now enrolled in universities there at all levels.

From 2008 to 2014, the number of students from Singapore studying in the UK has grown by between 10 and 18 per cent each year.

The number of students who applied to study at a university in the US rose to 4,316 last year, from 3,039 in 2006.

NUTSHELL

The ExchangeEDITOR-IN-CHIEFRachel Yeo Si Hui

SUB-EDITORYonas Ngaturi

DESIGNERChetz Chloe Tan Yan Hui

REPORTERVanessa Yeo Xiang Yi

EDITORIAL CONSULTANTMrs. Sng-Fun Poh Yoke

LECTURER-IN-CHARGEMrs. Sng-Fun Poh Yoke

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