New research investigating Singaporeans’ life goals unveils a new definition of 5Cs: Cash, Career, Culture, Credibility and Convenience
Independent research commissioned by Tigerhall, the app that gets professionals ahead in their careers, has uncovered five top life priorities identified by Singaporean white collar workers – earning more cash, establishing a good career, developing a cultural proficiency, holding credibility and enjoying access to convenience in products and services.
The findings highlight a significant shift in thinking and goals among Singaporeans. While cash remains king, the other factors typically associated with the traditional definition of 5Cs – owning credit cards, enjoying country club memberships, living in a condominium and driving a car – ranked low in the study.
Emphasis on personal growth and development 94% of respondents identified cash as a priority, highlighting the importance placed on wealth accumulation by Singaporean white-collar workers. However, having cash was the only common priority identified in both the traditional and new definition of 5Cs.
Career was a priority identified by 85% of respondents. Despite scoring high among all age groups, this trend was especially apparent among Singaporeans at the beginning of their career. Almost nine out of 10 respondents under the age of 29 felt that establishing a good career was important to them.
74% of respondents also placed importance on developing a cultural proficiency through opportunities such as travelling the world, with millennial respondents once again driving this trend.
Holding credibility in society and workplace was identified as an important factor to achieve by 67% of respondents. Respondents in the middle of their careers were the driving forces behind this trend. Seven in 10 white collar workers between the ages of 30 and 44 felt that it was important to command the belief and trust among the people around them.
Enjoying convenience from products and services was the final addition to the new set of 5Cs. Reflective of today’s digital age, 54% of respondents placed importance in having access to the convenience derived from products and services in their daily lives. A shift from material-driven desires.
Apart from earning more cash, the importance placed on the material-driven ambitions that shaped the traditional definition of 5Cs was underwhelming. The statistics were dwarfed by the surge in goals and priorities driven by personal growth among white-collar professionals today. For instance, approximately one in three respondents felt that owning a condominium (33%) credit card (32%) and a car (30%) was important to them.
Country club access proved to be especially unpopular among Singaporeans today as only 3% of respondents identified a membership as a priority in life.
“The findings uncovered in this research are reflections of the evolving mindsets of society and sheds light on the key attributes of professionals today – ambitious, open-minded, constantly seeking personal growth and wants the world at his or her fingertips,” said Tigerhall CEO Nellie Wartoft. “These trends are also aligned with the observations I have made during my time as a recruitment consultant in Singapore and most recently as founder of Tigerhall. Today’s hungry professionals seek accessible but effective methods to learn, grow and move closer to achieving their goals and to gain the respect of their peers”
About the Research
This research was commissioned by Tigerhall and conducted by an independent third party, surveying 1000 white collar workers based in Singapore during May 2019. The research criteria were white collar workers aged between 21 – 60 years old. Demographic quotas were set by age and gender to represent the Singapore population