How Budget 2023 Impacts Young Singaporeans
Many aspects of Singapore’s Budget 2023—such as baby bonuses, child support, and housing policies—may seem distant or irrelevant to Gen Z. However, beneath these family-focused measures lie key provisions that will affect young Singaporeans, whether they are students, early-career workers, or contemplating future life plans.
For those in their early twenties, the budget’s most immediate appeal lies in financial support. Cash payouts under the Assurance Package and Goods & Services Tax (GST) voucher schemes aim to offset rising living costs and inflation. For instance, Gen Zs aged 21 and above will receive between S$700 and S$2,250 from 2022 to 2026, depending on income and property ownership. Additionally, university students with no assessable income will receive S$400 in June and S$600 in December this year. Younger Gen Zs will see a S$300 top-up to their Edusave or Post-Secondary Education Account.
The budget also provides targeted support for housing. Younger Singaporeans planning to form families benefit from measures like increased housing grants and additional BTO ballot chances for couples under 40. However, singles and those navigating complex housing markets face lingering uncertainties, such as the potential for increased resale flat prices due to heightened demand.
The introduction of CPF contributions for platform workers under 30 further reflects the government’s efforts to prepare younger Singaporeans for long-term financial security. While this may reduce short-term income for students and gig workers, it fosters a foundation for future expenses like housing and retirement, recognizing the growing normalization of gig work among Gen Z.
Budget 2023 underscores both opportunities and challenges for younger Singaporeans. While measures cater primarily to families, the inclusion of financial aid, housing incentives, and support for gig workers reflects a step toward addressing the diverse needs of Singapore’s younger generations.
