High cost of living is the reason S’poreans are not saving for retirement

[makapaaa]

[h=2]High cost of living is the reason S’poreans are not saving for retirement[/h]

March 21st, 2013 |

Author: Editorial

According to the Hongkong and Shanghai Banking Corporation’s (HSBC) survey on retirement planning, 41% of Singaporeans do not save for their retirement at all. That is, they do not save beyond their CPF.
The main reason, according to the respondents, is the high cost of living (47%) in Singapore, resulting in having less for savings. 32% said they are saving or investing in a different way while 31% said they have not really given thought to the matter at all.
About 1,000 Singaporeans were polled by HSBC for the survey.
Here are some of the factors that affect the ability of the respondents to save for retirement:

• 38% cited the high cost of buying a house or paying off mortgages as the main obstacle
• 29% mentioned unemployment
• 24% said financing children’s education
• 23% said starting a family

The results show the kind of pressing needs Singaporeans are facing every day, resulting in them not being able to save up for retirement.
A sad state of affairs for Singaporeans indeed.
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[scbccb]

CPF already 20% how to save anymore for rainy daze? What do you think? :(

 

[enterprise2]

Not sure if this is an earth shattering revelation !!

 

[Don Muthuswamy]

CPF already 20% how to save anymore for rainy daze? What do you think? :(

U can forget abt ur CPF. Its v unlikely dat ull ever c it. Just treat it as a donation.

 

[po2wq]

High cost of living is the reason S’poreans are not saving for retirement ...

y shud sinkielan peasants b saving 4 retiremen? ... sinkelan peasants haf their salary deducted 4 cpf n cpf is 2 provide 4 retiremen ... even ze cpf haf ze slogan 'save 4 retiremen' ...

reason 4 tis is due 2 ze greed of ze gahmen ... ever sins ze gahmen has allowed peasants 2 use their cpf 2 pay 4 their hdb flat, ze greedy gahmen has seen it as n incessant flow of moni which dey cud lay their hands on ... tis bcos usually peasants use their cpf 2 pay 4 their hausing loan ... there4, ze greedy gahmen has kept on increasing prices of hauses so dat dey can suck mor n mor of peasants moni ...

tis is ridiculous! ... cpf everywhere in ze world is 2 save moni on behalf of citizens 4 their o age ... ze greedy sinkielan gahmen swallows tis moni forcing peasants left wif no moni 4 retiremen ...

sinkielan gahmen is ze most greedy n evil gahmen in ze world! ...

 

[zhihau]

About 1,000 Singaporeans were polled by HSBC for the survey.
Here are some of the factors that affect the ability of the respondents to save for retirement:

• 38% cited the high cost of buying a house or paying off mortgages as the main obstacle
• 29% mentioned unemployment
• 24% said financing children’s education
• 23% said starting a family

WTF? 290 out of a thousand unemployed?

 

[andyfisher]

this is like saying need toilet paper after shitting, why hsbs nothing better to do issit so state the obvious?? knn