Wednesday, 17 July 2019
Most Singaporeans behind on retirement plans, many unsure how to grow wealth
A new financial wellness index launched by OCBC Bank on Monday (July 15) found that Singaporeans are generally unsure how to grow their wealth through investing and building up enough funds. Close to one-third think of investing as a form of gambling.
While Singaporeans fared well on basics like saving from monthly salary, arranging medical insurance coverage as well as sticking to a set budget, the study found that close to half were unable to stretch their savings to last for six months, with more than half not on track to accumulate enough funds for an emergency.
And planning for retirement? Nearly two-thirds (65%) were found to be behind in terms of accumulating enough money to maintain their lifestyle after retirement. Of these, many intended to rely on regular savings as the mainstay of their retirement plans.