Admitting that you are struggling with debt is never easy. If anything, it is one of those financial taboos that continue to hurt many. It’s a serious topic few talk about, but it hits close to home for many of us here in the Little Red Dot. Here are the reasons borrowers find it hard to raise their hands and ask for help.
The “Kiasu” Mentality
The “kiasu” attitude, or fear of losing out or not being the best, that we Singaporeans have is a double-edged sword. If it pushes us to excel in our academics, careers, or finances, then good for us.
That is not the case when it comes to admitting financial troubles. Who wants to be seen as failures, or worse, less successful than our peers? Probably no one. So instead of waving the white flag, we tend to hide it away.
Face-Saving Culture
There are many harmful things in our culture, and saving faces is one of them. What would our aunties and uncles say if they learned about our financial troubles?
We do not want to taint our family’s name or reputation. In the process, we may opt to keep up appearances rather than open up about our hardship.
The “Can Handle” Syndrome
Singaporeans are naturally resilient. Name something that life has not thrown to us yet that we did not manage to handle.
Now, do not get us wrong; this “can do” attitude is great, but only if it does not make us stubborn and resistant to accept help. Even when the numbers are saying otherwise, we may still try to sort things out on our own sans help from anybody.
The Ostrich Approach
Pretense is bliss, but not when it comes to money woes. We tend to stick our heads in the sand and hope that when we reappear in the light, our problems are all gone. That rarely happens.
Facing problems head-on is always difficult. Still, we try to convince ourselves that “it’s not that bad” or “I’ll get better next month.” Deep down, you know you need to do something; you just do not have the courage or attitude to do so.
Lack of Financial Literacy
Singapore has a world-class education system. But did we learn much about personal finance in school? If you did, then good for you. If you didn’t, like most of us, then it is possible that we usually end up knowing that we are in trouble at the last second.
The Shame Game
There’s still a lot of stigma around financial troubles. We might feel ashamed, like we’ve done something wrong or we’re not smart enough to manage our money. This shame can be paralyzing, making it hard to reach out for help or even admit the problem to ourselves.
The “Prosperity Gospel” Effect
Singapore is known for its economic success, and we’re constantly surrounded by images of wealth and prosperity. From the glitzy malls to the fancy cars, it can feel like everyone else is doing great. This can make us feel like we’re the only ones struggling, which isn’t true at all!
The Optimism Bias
We Singaporeans are an optimistic bunch. While that’s generally a famevistas good thing, it can backfire when it comes to finances. We might think, “I’ll get that raise soon” or “My side hustle will take off any day now,” using these hopes as reasons to delay facing our financial reality.
Conclusion
What can we do about it? The first step is recognizing these patterns in ourselves. It’s okay to admit that things aren’t perfect—in fact, it’s the first step towards making them better. There are resources available, from credit counseling services to financial advisors and money lender Singapore who can help you get back on track.
Remember, seeking help isn’t a sign of weakness—it’s a sign of wisdom. After all, we Singaporeans are problem-solvers at heart. We’ve got this, lah!