Retirement planning behaviour of vulnerable groups in Singapore.
Retirement planning study has been conducted to examine the unique retirement planning behaviour of Singaporeans. Bivariate and multivariate analysis of our survey on retirement planning in Singapore, administered to 200 respondents, shows some disturbing trends. For those who actually do proper ret...
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| Main Authors: | , , |
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| Other Authors: | |
| Format: | Final Year Project |
| Language: | English |
| Published: |
2009
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| Subjects: | |
| Online Access: | http://hdl.handle.net/10356/15221 |
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| Institution: | Nanyang Technological University |
| Language: | English |
| Summary: | Retirement planning study has been conducted to examine the unique retirement planning behaviour of Singaporeans. Bivariate and multivariate analysis of our survey on retirement planning in Singapore, administered to 200 respondents, shows some disturbing trends. For those who actually do proper retirement planning, we see an over-reliance on CPF and low-yield fixed deposits which might not generate sufficient income to fund retirement expenses. Some also rely on a small number of tools, sacrificing diversification. Even more vulnerable are the non-planners and the late planners. Together, these groups (non-planners and late planners) are characterized by low levels of income, financial literacy and English proficiency, and an over-representation of women with children. The top three reasons given for not doing retirement planning are insufficient funds, self-perceived lack of knowledge to do planning, and the perceived lack of need for retirement planning. Those who plan to work after retirement age tend not to start retirement planning until fairly late. Non-planners and those who start retirement planning at a late age are somewhat similar in their profiles and attitudes. |
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