Five Cs of Singapore
"Five Cs of Singapore" – namely, Cash, Car, Credit card, Condominium and Country club membership – is a phrase used in Singapore to refer to materialism.[1] It was coined as a popular observational joke about the aspirations of some Singaporeans to obtain material possessions in an effort to impress others.
Cash[edit]
Cash refers to spending power rather than physical currency. Financial security and affluence is a status symbol and for many years was the measure of personal worth and success.
Car[edit]
Approximately 1 in 10 residents of Singapore own a car.[2] Given high taxation on the import and ownership of motor vehicles (191% on new vehicles, an annual road tax based on engine size, and high pump prices) and a quota system requiring owners to acquire a costly Certificate of Entitlement,[3] car ownership is a symbol of wealth and power.
Credit card[edit]
Credit cards are a visible symbol of success. Singapore's financial regulator, the Monetary Authority of Singapore[4] (MAS), has stipulated a maximum personal credit limit[5] of two months' income given personal income less than S$ 30,000, or four months' income for all others. Banks typically issue different types of cards depending on the available credit limit, associating greater cachet with cards that offer a higher limit.
Condominium[edit]
In Singapore privately developed apartments that are luxurious in comparison with those subsidised by the government convey status to the owner. Land is at a premium, meaning that freestanding houses are rare and signify even greater affluence.
Country Club[edit]
Relatively few country clubs, golf clubs, etc., are available in Singapore, making membership another indication of affluence.[citation needed]
References[edit]
- ^ [1] Archived October 13, 2010, at the Wayback Machine.
- ^ Singapore Land Transport Statistics in Brief 2004
- ^ Land Transport Authority of Singapore
- ^ Monetary Authority of Singapore
- ^ [2] Archived June 7, 2007, at the Wayback Machine.
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