Friday, October 5, 2012

High Saving, High Worries

According to an international survey conducted by the Aviva Consumer Attitudes to Savings, Singaporeans are more inclined to save for their future than people in India, China, the U.S and the U.K. However, despite their high savings, the survey also noted that most Singaporeans have worries that they do not have enough for retirement.
To Singaporeans, the results of this survey will come as no surprise. The main reason is that in Singapore, we have rising cost of living along with little government spending on social benefits. It’s common to see old men and women in their 70s and 80s along the street hawking tissue papers or working as cleaners just to get by. The proud lack of a welfare system (for the government) and the policy of increased immigration (which leads to higher cost of living) have made Singaporeans turned more and more to savings. And that might still not be enough for retirement.
As for our CPF…well, the less said of it the better. I personally have no idea when I will be able to get my hands on my CPF money. So this survey which shows that despite our high savings, Singaporeans still worried about our retirement?
Par for course in this country.

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