These are the exact words taken out of my survey a few days ago. So question now is why funeral services need to earn more money. This comment will not be the only 1 person who gave such a comment, thankfully i have been question many times over and over again so this is the reason why funeral services prices will go up no matter you like or not and again why i emphasis on pre planning.
Currently we have about 60 funeral companies, registered and unregistered in Singapore. On the ever average funeral companies received about 30-60 cases a month and 60-100 cases for more establish companies in Singapore. In the coming years, there will be more funeral companies or middle men coming up why so the simple answer is DEMAND. Why demand. Currently baby boomers are age 50 and above. How many baby boomers we have in Singapore. 1 million baby boomers in Singapore starting from 50 years old. (https://www.population.sg/articles/who-are-our-baby-boomers) A large part of these babies boomers are already in their mid 60s. Average lifespan of a Singaporean is about 82 years old meaning to say in the next 10 years many of our baby boomers will die. So will there be a demand? YES! it will be a demand. Like any where in the market. When there is a demand, prices will rise.
Next reason why prices will rise is very simple. INFLATION. It is something we cannot escape. As much the government can help, inflation will still be there. Put it very simply best case scenario, our government tells us every single year for the next 10 years that inflation is at the rate of 0.5 to 1% and GST is raise from 7 to 9% what does it mean? Prices will rise again. 10 years ago, your plate of chicken rice cost $2.00 today the same chicken rice will cost you a minimum of $3.00. Not much of a impact? Lets talk about taxi. 10 years ago, from my house in Sengkang to my army camp in Chua Chu Kang on call will cost me about $20 during peak hours. Today i travel from Sengkang to Orchard is about $22 to 28 dollars to Orchard during peak hour. In 2002, i took a cab from Sengkang to Novena during peak hours because i was late for school. Cost me $9.90 and i gave the uncle $10 and ask him to keep the change. Today it will cost me about $20 as well. Still not convince. How about our HDB flats? I think you get it by now, no matter what, prices will increase. Do not forget funeral companies also need to feed their employees as well. Current salary in a establish company will be from $1600 to $2000 depending on experience, minus the Ang baos the employees get. These funeral companies will also feel the wrath of inflation as well because 1. Suppliers will increase their prices, 2. Employees need to eat so salary has to increase as well. 3. They need to earn so profit as well. Hard truths!!
So why and what pre planning can do for you. I am going to tell you the most important reason why. The number 1 thing that can help you is that it protects you from inflation. How does it work you may ask. I am going to just tell you 1 reason. Say today you buy a $20,000 package. Its already paid for. There is a contract stating that $20,000. A contract is a contract nothing more, nothing less. The company has to honor it. But how can the company honor it. 1. Check the company if there is any backing, meaning look at who are the investors. 2. Check the history of the company. 3. Gather feedback from other consumers. Look out for these 3 things and you are protected.
So my question to all of you readers is how much are you willing to pay $20,000 today or $30,000 for the same thing in 5-10 years time. Its soley up to you to decide. In fact i challenge you today to go to any meet the people session, ask your MP if prices will go up in the next 5 to 10 years. If they say no. Please tell me and i will personally go down and have a chat with the MP. Ladies and Gentlemen, we make choices everyday. Do not make the wrong choice and regret or worse your family and love ones regret. Don’t say “Patang” don’t say “taboo” because like it or not, death is a matter of when and how. Its not a matter or want or don’t want. Before i end, my last advice to you is YOUR CHOICE TODAY, YOUR LEGACY TOMORROW. Good day!!