Is is the real reason behind Singapores declining birthrate?

http://www.kindness.sg/articles/money-talks-when-s%E2%80%99pore-women-say-%E2%80%98i-love-you%E2%80%99

Is it the real reason behind Singapore's baby woes? New research by Singapore Management University (SMU) psychology professor Norman Li could shed some light on Singapore’s ever-shrinking birth rate. His study, published earlier this year, shows that Singaporean women are “significantly” more materialistic than their American peers.

When it comes to looking for a potential spouse, the top criterion for Singaporean women is a man’s social status. Next on the list is kindness, followed by a lively personality. In contrast, American women value kindness the most, followed by looks, then a man’s social standing.

I believe that Singaporeans are not materialistic, instead they are sensible in a way. As mentioned, in this rat-race society where social status means ALMOST everything, why wouldnt they want to climb the social ladder. Moreover, I feel it is very unfair to compare Singapore with America. Considering how much land and resources they have compared to us, Americans find it easy to buy a house compared to Singaporeans as well as they find it easier to find jobs with America standing as a global powerhouse. Thus, Singaporean women tend to go for men with higher social status in order to "survive"in this society. I find that perfectly fine and i dont believe it has any worth blowing things up like some people on the internet do.