One girl surveyed stated that dining at cafes and fast food outlets was the norm and then spending $6 – $8 on a meal was reasonable, especially since they would rather eat fast food than at cheap coffee shops because the food at the latter “is not so nice”.

Another said that allowances are only saved for the sole purpose of making purchases of luxury items such as the latest gaming consoles or clothes. A teenager commented that spending $15 to $20 each time at cafes for meals was the norm and acceptable.

Once again, the blame is laid on the feet of parents who do not spend enough time with children and teaching them the right values of saving, while creating a false environment of endless comfort using the commodity of money. But judging by the values and attitudes of the Singapore youth and younger generation in particular, it is also the result of a weak educational and value system that has seeped into and festered in the local culture.

Learning from, and building on, the current generation of Singaporeans who think they are always right and above most people from all over the world, our youth have now been brought up on a steady diet of propaganda of being the best and that nothing they do will be, or can go, wrong. Singapore has been touted as the best country for everything. Most of us are wrapped in a bubble of comfort. The recent recession has hit us hard, and will continue to do so. If the global economy does not turn around quickly and with more losing their jobs, the loss of livelihoods will seep down to the youth.

Brought up in a life of comfort, not many will be able to understand or accept the situation. But the worrying effect could be a large percentage of youths deciding to give up on their futures as they struggle to cope. There are already signs that Japan’s lost generation phenomenon has reared its ugly head in Singapore society, with kids turning to virtual reality and video games to soothe their savage souls while neglected by families in the latter’s quest for financial wealth and comfort. And to make things worse, Singaporeans’ “holier-than-thou” attitude will result in denials.

Personal debt in the future is the least of our worries for the new generation growing up. It is the shrinking future workforce available to the country and their lack of proper financial values that could cause greater problems for Singapore.