Build Your Own Nest: Singapore's first study on matched savings schemes for lower income, older women
Matched Savings Scheme is a research study, commissioned by the International Longevity Centre – Singapore (ILC – Singapore) of the Tsao Foundation and funded by the Tote Board, found that a monthly matched savings scheme is effective in sustaining the retirement savings behaviour among a group of 3...
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| Main Authors: | , |
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| Format: | text |
| Language: | English |
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Institutional Knowledge at Singapore Management University
2018
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| Subjects: | |
| Online Access: | https://ink.library.smu.edu.sg/soss_research/3258 https://ink.library.smu.edu.sg/context/soss_research/article/4515/viewcontent/BYON_Study_report_for_website_pv.pdf |
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| Institution: | Singapore Management University |
| Language: | English |
| Summary: | Matched Savings Scheme is a research study, commissioned by the International Longevity Centre – Singapore (ILC – Singapore) of the Tsao Foundation and funded by the Tote Board, found that a monthly matched savings scheme is effective in sustaining the retirement savings behaviour among a group of 377 elderly women from low-income households over the study period of 18 months. The research, conducted by principal investigator psychology professor David Chan and co-investigator finance professor Benedict Koh, used an experimental design and longitudinal tracking to examine the effects that different factors of a matched savings scheme have on the participants’ decision to continue saving regularly (through voluntary monthly top-ups of their CPF special account). The findings showed that for matched savings schemes to be effective, they should take into account (i) the amount saved, (ii) the matching ratio, and (iii) how the matching ratio is framed to the participants. |
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