“Redefining Success: Lawrence Wong on Meaning and the Singapore Story”

“What is the ‘good life’ we aspire to, and what does the Singapore Story mean to all of us?” Deputy Prime Minister and Minister for Finance Lawrence Wong posed these questions to an audience of 950 at the Institute of Policy Studies’ 35th anniversary conference on June 12, 2023. In his address, he explored Singapore’s social compact and the evolving ideals of success among Singaporeans.

Wong acknowledged the positive trends of median real income growth and decreasing income inequality, but he also warned of the more challenging and unstable external environment ahead. He highlighted the need for a timely update to our social mindset in light of significant technological and societal changes, including a rapidly aging population and declining social mobility.

Shifting Focus on Success

Wong advocated for a new definition of success, moving away from the traditional 5Cs—cash, car, credit card, condominium, and country club membership. While many Singaporeans still measure success through tangible achievements like high salaries, property ownership, and prestigious education, Wong questioned how far individuals should pursue material goals. “How much is enough? How do we avoid getting trapped in a vicious cycle of endless competition?” he asked.

From his interactions with Singaporeans, Wong noted a growing emphasis on intangible aspects of life, such as finding a sense of purpose and fulfillment. “Success is less about means and more about meaning,” he said, encouraging the recognition of diverse paths to success, including those who prioritize family, arts, or sports.

Lifelong Learning Over Grades

Wong stressed the importance of rethinking education and skills development. With the phasing out of PSLE T-scores and streaming, he acknowledged the pressure students feel from an early age to compete based on school rankings and grades. He asserted that every child deserves a quality education, irrespective of the institution they attend.

Success, he argued, should be viewed as a lifelong journey of learning and improvement, extending beyond formal education. Initiatives like SkillsFuture aim to empower Singaporeans to acquire new skills and switch career paths, fostering a “full-fledged Learning Society.”

A Collective Singapore Story

Wong concluded by highlighting the need for solidarity within Singapore’s social compact. He urged a shift from individualism to a collective spirit, emphasizing that every success story is shared. He called on Singaporeans to support one another—neighbors fostering community ties, employers valuing their employees, and citizens giving back to society.

“That’s how we can keep the Singapore Story going, and we can move forward together as one people,” Wong affirmed.