The business of relationships: Is the financial impact of getting married a deterrent for people in Singapore?

Much has been said about the cost of getting married in Singapore, which can range from S$35,000 to S$75,000¹, depending on the scale. And of course, there is the house purchase that comes after that, kids' education, and the list just goes on. Do the financial costs coupled with a challenging economy deter people in Singapore from marriage? Or is the business of relationships a lot more complex than that? 

According to the inaugural Prudential Relationship Index², people in Singapore are more financially independent than people in other parts of Asia, with 56% stating they receive no financial support from anyone. This compares with an Asian average of 37%. This financial independence is reflected in personal relationships, with only 15% of the people in Singapore describing an ideal partner as one who provides daily financial support.

The research, which interviewed 5,000 people in 10 countries across Asia including Singapore, also revealed that many couples control their finances separately, with only 51% of married people in Singapore having joint bank accounts.

The financial independence of people in Singapore could be one of the reasons for late marriages in Singapore. Singapore has the highest proportion of singles in Asia, with nearly one in four (23%) being unmarried without partners. This compares with 15% for the region. Of those who are 40 years or above, 17% are single, have never married, or are unattached.

Current economic factors could also be a reason why people are not in a hurry to get hitched. Singapore's small, trade-dependent economy is going through a cyclical downturn and is not expected to pick up significantly next year³. Job cuts and economic uncertainty also potentially add to stressed relationships and raise questions about taking the big plunge.

The stress does not stop after you have found a partner. The Prudential Relationship Index found that people living in Singapore have less fulfilling relationships than many of their Asian peers. Despite being more affluent, Singapore is placed seventh out of 10 Asian countries, with an overall relationship score of 68 out of 100. This means that in Singapore, people’s primary relationship fulfils on average 68% of their desired relationship needs.

Indeed, there are many strained relationships in Singapore. In any given week, 24% of married people surveyed in Singapore think seriously about leaving their spouse. Meanwhile 34% often argue with their partners, including 20% who say these arguments lead to verbal abuse. The most likely sources of arguments between couples in Singapore are children (46%), followed by money (41%), and housework (29%).

Relationship satisfaction is clearly an issue, with family demands, and financial uncertainty causing rising tension and stress. However, we should appreciate that people in Singapore do value relationships grounded on important attributes such as partnership, companionship, respect, and honesty.

We all know that good relationships lead to good health. As studies have shown, people who are emotionally fulfilled and satisfied have better and longer lives. At the end of the day, a life well lived really boils down to one thing – good human relationships, which is why we should carve out time to invest in relationships that matter to us.

¹https://dollarsandsense.sg/the-true-cost-of-a-wedding-in-singapore/
²The Prudential Relationship Index aims to understand the state of personal relationships in Singapore and throughout Asia. These include relationships with partners, children, parents, friends and relatives.
³Source: Monetary Authority of Singapore