GRADUATE PROSPECTS AND LIVING STANDARDS

Abstract

Within a short span of 10 years, graduate enrollment in the two local universities had increased by more than 70%. The proportion of non-student population receiving tertiary education had more than doubled, from 33.4% in 1980 to 84.5% in 1990. Besides the general rise in the costs of living, prices of cars and houses has also risen tremendously. In the light of this, this academic exercise examines the employment prospects, aspirations and living standards of fresh graduates in the 1990s. The results of a mini survey shows that while a large majority aspire to own cars and private properties, many feel either unsure or that they will not be able to afford these. However, research showed that while public flats ( 4-room and above HDB), semi-private housing ( executive condominium, HUDC) and private condominiums are affordable based on a graduate couple's combined income, landed properties (terraces and bigger houses) are beyond the affordability of graduates based on their wage income alone. On the other hand, car ownership is within the affordability levels of graduates. Nonetheless, the problem with most graduates lies in the initial lump sum cash payments for both the cars and houses, since banks are restricted to a maximum loan of up to 70% of the price of the car and 80% of that of houses. Chapter one gives the background and objectives of this study. Chapter two presents the results of a mini survey on graduates' aspirations. Chapter three looks at the employment prospects and starting salaries of fresh graduates. Chapter four traces the increases in the cost of living and the increase in prices of cars and houses. Chapter five examines the prospect and affordability of car ownership and the affordability of various housing options, both public and private housing. Chapter six concludes on the findings of this exercise, highlights some weaknesses in the study and makes suggestions on areas for further research.