The Singaporean DIY approach to financial planning (or lack of it)

Last Updated on 27, April 2014

Singaporean's DIY approach to financial planning is really pathetic. According to HSBC’s 'The Future of Retirement' report:

1. Half of those 30-39 do not have any short-term savings (probably spent it all away).
2. Only 30% of those 40-49 are protecting their assets.
3. 24% of parents do not have any life insurance (probably they thought they are superman).
4. 34% of those 50-59 are not saving for retirement (maybe they think they want to work forever).
5. Only 12% of those aged 50-59 are undertaking tax planning (maybe their income is too low!)
6. 80% of parents have not made a Will!

From Figure 4 HSBC’s 'The Future of Retirement' report

Like this article? Subscribe to my newsletter below for more.

Get regular Tips on Financial Planning. Free subscription for 3 years. Covers all aspect of financial planning such as 'How much salary you should have?', 'How to avoid insurance that is not suitable?", 'What are the retirement planning methods?", etc

Name:

Email: