Resilience, Mandatory Savings And Successful Social Housing

A collection of public housing high rise towers at sunset
Singapore Public Housing - HDR photo by jarrodstone is licensed under CC BY-NC-ND 2.0
Singapore Public Housing

Resilience, mandatory savings and social housing might appear to be strange bedfellows, but an article linked below from Nigeria explains how mandatory savings steered into a national housing fund led to what is arguably the most successful social housing initiative on the planet — in Singapore.

As for resilience and houshold savings — unfortunately not mandatory — we need look no further in this post than our own nation, Canada, which is predicted to have a difficult recovery from COVID-19. Our particularly poor resilience comes from our lack of household savings — indeed the opposite — our high average household debt.

How could mandatory savings provide more national resilience to disasters, and at the same time build affordable housing? Many may be aware of Singapore’s spectacular social housing success that contributed not only to the near universal housing of its residents but also to their wealth. Fewer will probably know that it was build upon a mandatory national savings program for workers.

From Nigeria, a revealing article about the roots of Singapore’s success follows a lament on the low level of contributions in Nigeria to an all-important national housing fund. Read more in The New Telegraph: Poor Savings Into Housing Fund Stirs Concern