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Singaporeans Worried About Retirement Savings

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Saw this article in Yahoo about “Many Singaporeans Worried about retirement savings: Survey.” In the article, it mentioned that a survey by the financial firm Aviva found that the majority of the respondents, 44 per cent, thought that they will still have to work beyond retirement age to fund their retirement.

Only 32 percent feel that they have enough savings to cope with emergencies.

In the same article it mentioned that the Singaporeans survey viewed investments as their preferred financial products, with 27 percent choosing savings as their preferred financial product.The actual survey results by Aviva can be found here at ‘Aviva in the News.’

Disturbingly for me, 37% wish someone else will sort out their financial affairs. This decreased to 29% when the people surveyed got older. Guess with experience, people realised that the only person who can sort out the financial affairs is the one staring back at them in the mirror.

And also in the survey was the nugget that the majority of people preferred a guaranteed return over a higher yield. Guess this reinforces the famous psychological tests done by Israeli academics Amos Tversky and Daniel Kahneman who showed the bias that humans towards decision making involving risks and returns.

What about you? Are you worried about not having enough for retirement? Or are you one who has sufficient reserves and furiously saving and investing to attain financial freedom?

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1 comments:
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Musicwhiz said...
June 24, 2011 at 12:54 AM  

Hi Lemizeraq,

I'd like to think I am the one saving and investing for my future haha! I don't feel too much worry or trepidation about retiring, and I do know my investments can yield a decent return above inflation. ANd I have been actively sorting out my own financial affairs and budgeting for the last 6 years.

Though after 25 years, whether or not I can retire with a large sum will depend on my savings % and investing capabilities. Nevertheless, I am optimistic. :)

How about yourself?

Regards,
Musicwhiz

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