According Standard Chartered’s The Emerging Affluent Report - The Race to Save, a shocking low number of Singaporeans are confident enough to save for retirement. In fact, only 7% was confident. As I looked at the detailed report, what I found even more shocking is that only 34% of those who are in the age 45 – 55 placed retirement as their top saving priority. Comments: May I suggest … [Read more...]
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1/3 going to run out of money although majority are optimistic about retirement
The title of this article was not mistake. This was taken from a recent survey conducted by Manulife Investor Sentiment Index (source: Young Asian adults likely to face cash crunch in retirement, Straits Times 7 March 2017 ) in which 89% of young adults said that they are optimistic about retirement despite the fact that 30% of them saying they expect to run out of money later in life. Another … [Read more...]
Women likely to be financially worst off after retirement
The latest survey conducted by HSBC Future of Retirement (Healthy New Beginnings) Singapore Report reported that: 32% of women say that their actual financial situation got worst after retirement compared to retired men (26%). 34% women say that their actual overall health got worst after retirement compared to retired men (18%). A higher proportion of working women (60%) do not know how … [Read more...]
A whopping 65% of retirees’ saving will not last, says NTUC Income’s survey
It was reported that 65% of retirees feel that their savings will not last through retirement. This survey was conducted by Nielsen commissioned by NTUC Income. In addition, retirees say that one of their main sources of income is from their children. Also, among the younger Singaporeans who were surveyed: 20% of the 25 to 35 year-olds listed saving for a first property as their main … [Read more...]
Singapore property cost 5 times of median household income. How to cope?
According to a survey by United States urban planning researcher Demographia, Singapore’s housing is considered ‘seriously unaffordable’. If Singapore is ranked against the 367 metropolitan areas in nine countries, Singapore was found to be 270 / 367 or at 73th percentile (the higher the percentile the more expensive it is). Housing in Singapore cost 5.0 times of the median household … [Read more...]
Only 36% believe they can retire comfortably, says DBS-Manulife Retirement Wellness Study
In a survey called the DBS-Manulife Retirement Wellness Study released on 5 January 2016, it was found that: 2 in 5 Singapore residents are not confident about their retirement preparations. 56 per cent of those who have started retirement planning have not sought any form of advice. Only 36 per cent believe they can retire comfortably with their current savings and investments. 30 per … [Read more...]
Majority lacks a written comprehensive financial plan, says FPSB
FPSB recently conducted a global survey among 19 markets. A total of 19,092 adults took part. Among those surveyed in Singapore, it was found that: Only 1/3 have a written comprehensive financial plan. The top two priorities are: owning your own home (60%) and free from debt (58%). Only 4% were willing to pay fees for financial planning services in excess of S$1,500. Majority (68%) were … [Read more...]
Nearly half have not started planning for retirement, says DBS & Straits Times
A recent poll conducted jointly by DBS and Straits Times reveal that: 48% have not even started planning for retirement. Among the remaining 52% who said they have started planning for their golden years but felt that it may not be enough. In addition, the top concern is not having enough sources of passive income, followed by outliving one's savings, and inflation. In a second poll … [Read more...]
Investors have unrealistic expectations, says Schroders
A recent survey done by Schroders indicate that investors are too overconfident. 93% of investors expect an average return of 10% on their investments on the next 12 months. But they planned to put just 21% of their assets in equities, 42% in cash and 37% in bonds. The survey also saw a biased towards short-term investing with 45% preferring investments that yield outcomes within one to two … [Read more...]
3 steps to fix plunge in financial literacy
By now everybody would have read about a survey done by Mastercard showing that Singapore’s financial literacy has the largest drop in ranking from 2nd of the previous survey to 6th place across Asia Pacific. I decided to look into the raw data to find the reasons why. Mastercard's survey was conducted in 16 countries in Asia between July and August 2014. A total of 8,087 respondents aged … [Read more...]
