Nearly 90% of Singapore Youths Want to Make Profit Responsibly

As pivotal events such as the BP oil spill in the Gulf of Mexico and misbehaviour by major global financial institutions roil the world, Singapore’s youths are choosing responsible profit-making. In the Hapitalist Survey of Youths’ Attitudes Towards Money and Money-Making 2009-2010, 87% of youths said if they could earn SGD1 million, they want to first weigh the implications of their decisions on society, the community, the environment and socioeconomic systems.

They agreed with the statement:

If my actions will be harmful, I will find alternative ways, even if it means I will earn less money in the short term.

Conversely, only 13% chose the shortest, cheapest and quickest way to earn $1 million, even if it means cheating suppliers and employees, damaging the environment and socioeconomic systems or creating other long-term problems.

About 82% of respondents said they are aware that businesses’ pursuit of short-term profit at all costs has contributed to significant breakdowns in food, water, energy and environmental systems, which are predicted to cause threatening shortages by the time the youths are in their 40s or 50s. Some respondents remarked that they are “horrified”, “hopeless”, “angry” and even “hopeful”.

The 332 respondents are aged 15 to 24 and are from a broad spectrum of backgrounds. In 2009 and 2010, the survey polled students from neighbourhood schools, elite junior colleges, local universities and polytechnics and also a small number of working youths.

The survey is by Hapitalist (for a happier capitalism), a new non-profit that is developing practical ways to make long-term thinking and responsibility an integral part of the profit motive. The key survey findings can be found here.

Grace Chow, a recent graduate from Singapore Management University who headed the survey team, said:

The survey results clearly reflect a maturing young society that is aware of the repercussions that our actions can inflict on the community at large.

The people who most influenced the youths’ view about money are parents, each parent selected by 21% of youths, while friends are a distant second, chosen by 12%. The respondents’ top choice as a guide on responsible profit-making is real-life examples of individuals and businesses. Print media, preferred by 13%, is second choice.

Partially in response to the survey results, Hapitalist will be announcing in mid July a youth mentorship programme centred on responsible action. The new non-profit enterprise that seeks practical ways to fix broken parts of the economic system before handing it to the next generations. In the most fundamental sense, Hapitalist works to alleviate “inner poverty” as opposed to financial poverty. More about Hapitalist at www.hapitalist.org.