The Straits Times, Business Times and Lianhe Zaobao on Aviva's latest Consumer Attitudes to Saving (CAS) survey findings.
The survey, conducted three times a year, showed that Singaporeans have a high level of savings and investments when compared to their counterparts in 9 other markets, namely, China, India, USA, UK, Ireland, France, Poland, Italy, and Spain. 92% of Singaporean respondents said they had some form of saving, and 65% had invested their money.
Despite this, 57% of Singaporeans remain worried that they will not have enough money when they retire to provide an adequate standard of living, and 49% think they're going to have to work beyond the normal retirement age to fund their retirement.
This could be due to a late and unstructured approach to financial planning. The study found that almost 1 in 3 Singaporeans (30%) said there is little planning involved in their approach to finance, and close to 1 in 5 Singaporeans (18%) either do not know or have not though about how much they would need to get by in retirement.
Aviva Singapore's CEO, Nishit Majmudar, also commented that retirement targets are constantly moving due to inflation, medical costs are escalating at a fast pace, and Singaporeans are living longer. These are all reasons that could lead to the insecurity that Singaporeans are facing with regards to their retirement. He urged Singaporeans to seek expert advice and be disciplined about their approach to minimise their risk.
Read the articles here:
'Concern over retirement woes', The Business Times, 4 October 2012
'存款与投资百分比虽高,半数国人担心不够钱养老', LianHe ZaoBao, 5 October 2012
'Survey: 92% of S'poreans have savings', The Sunday Times, 7 October 2012