A survey done by Manulife shows that: Only 1 in 5 is confident their CPF retirement account will meet their retirement needs because … 47% feel the CPF savings will not be sufficient to cover retirement expenses and 44% feel the CPF returns are too small Source: One-in-five Singaporeans confident CPF will meet retirement needs - Manulife survey. … [Read more...]
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It’s too late to do retirement planning when old, says Citi-SMU
According to Citi-SMU (SingaporeManagement University) symposium on financial Literacy for young adults, it is important to start managing one's finances when young. This is because picking up financial literacy is more suited when one is young. When you are old, "you can't teach old dogs new tricks". Financial literacy means the ability to understand and process economic information. Thus, it … [Read more...]
73% underestimate the retirement savings needed, says DBS
A DBS survey of 800 people showed that: 73 per cent of the people polled plan to retire between 55 and 65, with an average savings of $571,715. At the same time, more than 85 per cent of those polled expect to live on a retirement income of $3,500 per month for the next 15 to 20 years and more. But DBS said that there is a big gap between both sets of numbers as the average savings would … [Read more...]
Only 1 in 3 think they can retire at their preferred age, says Aviva
A survey conducted by Aviva Consumer Attitudes Feb 2014 found that: Only 1 in 3 think they can retire at their preferred age 53% worry that they cannot afford an adequate standard of living in retirement 56% think they’ll need $2000 to $6000/month in retirement But 48% say they’ll only have <$2,000/month based on their retirement plan The Aviva Consumer Attitudes Survey also found … [Read more...]
80% not prepared to pay fee for advice, says MAS
Mr Lee Chuan Teck, Chairman, Financial Advisory Industry Review Panel, Assistant Managing Director, Monetary Authority of Singapore said that MAS did an on-line survey on Singaporean’s receptivity towards a fee-based model. 80% were not prepared to pay an up-front fee for advice. Source: "Presentation of Financial Advisory Industry Review Panel Report" - Speech by Mr Lee Chuan Teck, … [Read more...]
Up to 70% of financial advisers’ recommendations were unsuitable, says MAS mystery shoppers survey
MAS commissioned an external consultant to conduct a mystery shopping exercise in 2012 to determine the quality of advice given out by financial advisers[1]. The MAS mystery shoppers' statistics were as follow: 28% of the recommendations were suitable; 40% of the recommendations may be suitable; 30% of the recommendations were not suitable. Because ‘may be suitable’ means potentially … [Read more...]
86% intend to use whole life insurance for retirement?
I got a shock when I read that 86% of those surveyed by Citi Financial Quotient Survey 2010 that they intend to use whole life insurance for retirement funding! According to the Today Online 'Most say CPF savings not enough' 2 Feb 2011, "Singaporeans are turning to alternative means to take them through their silver years. These include proceeds from investment and insurance products. The most … [Read more...]
