3 Disturbing Singaporean’s Attitude Towards Retirement Planning

It is disturbing to see Singaporean attitudes in retirement planning. With the recent survey it showed that most of them including 55 years old are not planning of their retirement funds yet and relying on CPF. The interesting fact about the survey was that the participants in the survey were giving excuses like they simply couldn’t afford to or having other priorities like their children’s education.

Singaporeans also aren’t investing as much as they could be, with 21% declaring there was “no point” in doing so. 40% didn’t want to invest because they wanted to keep their cash liquid.

The above survey results chill me to the bone. I’ve already heard way too many tourists and expats ask in disturbed tones why there are so many super old people working in menial jobs. Thanks to our aging population, I can only imagine what the situation will be like a few decades from now.

Here are some things I’ve taken away from the survey responses.

Saving for their children’s education seemed to be a big reason why the Singaporeans surveyed could not start saving for their own retirement.

The problem is that young Singaporean parents often want to have it all—they not only want to pay their kids’ way to good grades, they also want to enjoy those family holidays in Japan, go out for restaurant meals and equip every member of the family with an iPad and iPhone.

However, it’s probably safe to say that for a great many of these people, home loans were part of the equation. In addition, a large percentage of car buyers take up car loans. Then, there’s the escalating problem of credit card debt, the biggest cause of which is plain and simple overspending. 3 Disturbing Observations About Singaporeans’ Attitude Towards Planning for Retirement – MoneySmart.sg

It is never too early to start retirement planning especially with the high cost of living, you should plan your financial future early.

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