According to the Global Investment Survey 2015 by Legg Mason Global Asset Management, it was found that: The majority (63%) of investors in Singapore, compared with only 22% globally, are not progressing with their goal of “avoiding depending on others in retirement.” Almost half (45%) of the respondents expressed they are very or somewhat lacking confidence that their CPF savings can help … [Read more...]
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Many have advisers but few really relied on them for advice, says Blackrock’s survey
In a survey done in August 2014 by Cicero Group & commissioned by Blackrock, it was found that: Singaporeans (59%) lagged behind its Asian counterpart (69% average) when come to saving specifically for retirement. The top reason for not saving specifically for retirement was due to the high cost of living (61%) and the second top reason was not earning enough money (43%). In fact 70% … [Read more...]
Singapore was ranked the world’s most expensive city for the second year running
Once again, Singapore was ranked the world's most expensive city for the second year. The survey, covers food, toiletries and clothing, domestic help, transport and utility bills. Source: http://www.straitstimes.com/news/singapore/more-singapore-stories/story/30-ways-live-cheaply-singapore-the-worlds-most-expensive#xtor=CS1-10 My comments: In the past, many people did not do any … [Read more...]
Few Singaporeans have formal retirement plan: Citibank survey
It new survey by Citibank found that: Only 31% had a retirement plan. 47% consistently saved at least some of their pay. Lacks financial knowledge, eg only 23% knowing exactly what to do if they were given a lump sum for investments. The higher the income, the likely to have a formal retirement plan. 61% said they would pledge some of their assets to buy insurance. Source: Few … [Read more...]
Majority unhappy with their financial situation, says Manulife’s Investor Sentiment Index
Manulife's Investor Sentiment Index in Asia found that: 44% believe that the next generation will be financially worse off than they are. Only 29% believe job security has improved since their parents’ generations. Only 38% of Singapore investors were happy with their financial situation (compared to 61% who are happy with their social relationships and heath) Source: … [Read more...]
Average Monthly Cost of Education much higher than $1792 for each household
The Household Income And Expenditure 2012/2013 survey[1] showed that the average amount which resident household spent on education services is $310.3 per month. This was up by 5.7% pa compared to 5 years ago. The increase was mainly due to a larger number of students pursuing higher education, particularly university courses, household expenditure on university education increased, higher … [Read more...]
HSBC The Future of Retirement: 78% worried about not having enough for retirement
HSBC made a survey called “Future of Retirement” and it was found that: 1/3 of Singaporeans expect their standard of living to fall when they retire. 78% of working-age Singaporeans are worried about having enough money to live on day-to-day in retirement. They expect their savings to only last 13 out of 23 years in retirement. 15% of the working-age surveyees believe they will never … [Read more...]
Majority of Singaporeans unprepared for retirement, says DBS Bank
The DBS Bank survey of 1,000 Singaporeans and Permanent Residents showed that: 75% are not following any financial plan for retirement needs Many do not even know where or how to start planning 24% of the respondents felt that financial products are barriers to financial planning 23% felt they do not have enough funds to start investing People underestimate the funds they need for … [Read more...]
Middle-class Singaporeans are feeling more insecure, says sociologists from NUS & IPS
Middle-class Singaporeans are feeling more insecure due to Rising cost of living; Government social support targeted at lower-income groups and not the middle class; and They do not have the option to leave the country unlike the rich. This problem could have a broader implications on society. Middle-class serves as an aspirational category for the poorer class. As the aspirational … [Read more...]
55% worried about their ability to save enough for retirement, says AIA
A survey conducted by AIA shows that: 55% worried for their family’s ability to save for enough for a comfortable retirement. Singapore‟s middle class desires a retirement savings of US$898,330. 70% of the middle class believe that children should be responsible for financially supporting their parents in their old age. Source: AIA Survey in Six ASEAN Markets Finds Middle Class Place … [Read more...]
