In this day and age, it seems more like a luxury than a norm to witness single-income households. In a census done in the year 2020, dual-income households have risen to 52.5% in 2020, as opposed to the 47.1% in 2010.
Proportions of families where only the husband was employed dropped from 32.6% in 2010 to 24.9% in 2020.
While the rise in women returning to or entering the workforce is largely positive for equal opportunity advocates in Singapore, one might be left to wonder how this affects our children.
On the bright side, with both parents working, the dual income that this provides can lead to a better quality of life for the whole family. Better enrichment programs and more life experiences can be provided at an early age for children- like travelling, which arguably provides life lessons that cannot be learned in a textbook.
But on the flip side of this gold coin, some parents argue that the money earned in a dual-income family cannot replace the quality time not spent with their child.
It seems that no amount of extra disposable income can replace the thrill of seeing your child’s first steps in person or being the one to hear your child’s first words.
While the duration of maternity leave has increased over time, and with some companies now choosing to implement paternity leave as well for new fathers, it seems that more and more parents still long for the “luxury” of being able to spend time at home with their children.
But, with GST rates rising to 9% in 2024, and inflation rates seemingly climbing to an all-time high- will stay-at-home parent families fade into oblivion?
In this article, we hope to discuss the pros and cons of families with solo breadwinners, and for single-income households wrestling with the rising cost of living, some helpful tips to enrich your children’s lives.
Dual Income Families- The Pros and Cons.
Getting the obvious benefits out of the way, dual-income households provide families with much more spending power.
This can be allotted to extracurricular activities, tuition classes, and general ease of life.
The higher amount of disposable income allows families to afford themselves and their children with more luxurious opportunities, from short-term benefits like travel, to long-term benefits like money set aside for overseas college tuition, or a comfortable nest egg for children’s futures.
One lesser-known benefit that might not be as talked about as the increase in family budget is the presence of a diverse skill set. Having two individuals with different skill sets and expertise in a household can be advantageous. This diversity of skills can benefit both the family and the individuals in terms of problem-solving, decision-making, and overall personal and professional development.
Having two working parents in separate fields doubles the in-depth knowledge that can be shared with their children. Although it is easy to find most information online, nothing beats the nuance of insight from someone with first-hand experience.
For example, with one parent as a teacher and another as an entrepreneur, parents impart hard skills like study skills or business acumen to their children, but also a wider range of soft skills, from interpersonal relations with their peers, to networking and the drive of being an upstart entrepreneur.
Before all of you readers are sold on the lifestyle of having a dual-income family, there are of course some downsides to consider.
Unfortunately for us working professionals, there are only so many hours in a day. Trying to cram both a thriving work life and time for the family might be a daunting task for some.
Juggling two careers and family responsibilities can lead to increased stress and time pressure. Balancing work commitments, household duties, and personal time can be challenging and may result in burnout or strained relationships.
Between setting aside time for work and the kids, some couples find that their relationship with their spouse might just be paying the price.
Dual-income households may struggle to achieve a satisfactory work-life balance, potentially leading to fatigue and decreased overall well-being. The constant juggling of responsibilities can impact physical and mental health.
Individuals in dual-income households need to be aware of these potential downsides and actively work towards finding a balance that suits their personal and family needs. Open communication shared responsibilities, and a willingness to adapt to changing circumstances can help mitigate some of these challenges.
Single Income Families- The Pros and Cons.
Single-income families, once a commonplace occurrence in the nuclear family structure, places the responsibility of one parent earning the entire household income while the other may focus on caregiving or other responsibilities.
While this seems like a more clear-cut division of labour in the family unit, this dynamic comes with its own set of advantages and disadvantages. Here are some pros and cons:
With a single-income household, there is an emphasis on family and child-rearing. One parent can dedicate more time to raising children, providing emotional support, and actively participating in their development without the demands of a full-time job.
Not only that, while many childcare options in Singapore are subsidised for citizens, hidden costs like transport, school supplies and the worry over the quality of education may be a concern for some parents. In single-income households, families may avoid or minimize childcare costs since one parent is available to care for the children during working hours.
On the flip side to this arrangement are the downsides. Should the non-working stay-at-home parents want to re-enter the workforce, they may experience limited career opportunities or face challenges re-entering the workforce after an extended absence. Times are changing faster than ever, and even a few months or years away might feel like an almost insurmountable challenge for the non-working parent.
There is also the concern for potential gender role stereotypes. In some cases, single-income families may reinforce traditional gender roles, with one partner predominantly responsible for earning income and the other for domestic duties. That may leave the stay-at-home parent feeling stagnant and trapped financially, depending on their spouse entirely to support them and their family.
It’s important to note that the pros and cons of single-income families can vary based on individual circumstances, values, and priorities. Some families find great success and satisfaction with a single-income arrangement, while others may face challenges that require careful consideration and planning.
Regardless of the choices made in the family dynamic, I believe that the foundation of every functioning family unit is honest and open communication. One can never consistently expect a 50/50 split when it comes to the division of labour, emotional or otherwise.
When it comes to raising a family, more often than not, it takes a village. That’s why SmileTutor is always here to provide that helping hand for your kids’ educational needs- after all, we are just a few clicks away!
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