Beyond the financial costs, which are high for most Singaporeans, there is also the cost in personal time.
Everyone only has 24 hours each. More and more of us have to be caregivers to elderly parents. You know how much time you already have to spend at work. Now think of adding children to that. Children don't just need to be fed, they need to be nurtured, they need to be educated. It's not easy.
Some people are willing to make those sacrifices, some are not. There is no right or wrong. Not everyone is cut out to be a parent. You can't return the child to Taobao or Shopee because they didn't meet your expectations, or you got bored with them or you are too tired.
I think the reason why most people aren't having kids, or aren't having more kids, is a mix of these factors. That is why simply throwing money is not working; it is only addressing 1 of the many causes.
The main reason would likely be that people aren't willing to give up their existing lifestyles. How are you going to convince the DINKs to choose having kids which will result in having less time and money and space for themselves? The DINKs are not wrong, and they are not selfish. You have to want kids for the right reasons. If not, better don't ruin the child's life.
So how to come up with solutions? There are already countries facing the same problem that have tried more radical approaches: 1 year paid maternity leave, throwing of much more money than us. We can already see that those paths won't work for us. Which employer is willing to give 1 year paid leave? Not even the government is willing to do that, I am sure.
Just look at the Baby Bonus. Every time there is an increase in the cash portion, the hospitals raise the delivery charges by the same quantum. This is learnt from firsthand experience. All it does is make the delivery almost free. After that you are on your own.
So why is the birth rate not enough, is a tough question to answer, and is not a problem unique to Singapore. It is just changing of people's mindsets with the times, and there is no stopping it.
If you leave it to a certain Minister (name redacted because of Cooling off Day), he will probably come up with NoPopNoJob, and that may actually solve the problem (but create new ones)
#mehmehpiak