“Most Singaporeans behind on retirement plans, many unsure how to grow wealth: Study”
This made the headlines on the 15 July 2019 with OCBC being the one doing the financial wellness index. It also made headlines when all the insurance consultants in Singapore started to share it on Facebook as well.
From the article, Singaporeans are really good at 2 things: saving regularly and sticking to a budget. This is not a surprise as most of us grow up in an environment where saving was enforce down our throats and we were repeated told the stories of Ah-Longs if we borrow money.
The more shocking fact I read is “One in 3 adults doesn’t invest”
To me, I hope that the other 2 make money from their investment. Most Singaporeans are familiar with only conventional money management habits such as saving regularly (Read more: money maximization: REV) and getting some sort of insurance coverage (Read more: Insurance for investors). The ones that are suffering are those in the Sandwich Generation (Sandwich Generation: Is it still possible to be rich?). Even if they are investing, they might not have the time and energy to invest properly.
After speaking to many people on the ground, I realised that many people’s idea of investing is to put it into fixed deposit or invest into the Singapore government bonds. While both are financial instruments in their own rights, it is not the best way to accelerate retirement.
In Wealthdojo, we believe that it is a process to be financially free and it is our job to identify where people are stuck at in their financial journey. Some people may be stuck at budgeting while others might be stuck at getting an appropriate insurance package. However, the number 1 most important reason why people feel that they are stuck is because:
They simply don’t believe they can retire anymore.
I believe many are engaged in the work they do everyday, living day by day and are unable to see it pass the next month. I agree that in Singapore, it is stressful and we do work more than our counterparts in other countries. That’s why we have to do more so that can retire in Singapore.
Ms Tan Siew Lee, OCBC Bank Singapore’s head of wealth management, said that locals generally look to bank websites, financial advisers and “coffee shop talk” in gleaning knowledge about managing their money. I encourage this kind of behavior and hope that money will not be a taboo word in Singapore.
I hope to live till a time whereby Singaporeans won’t have to say “Money Not Enough”
For those that have read till here, we thank you for taking money into your own hands. We will be running our yearly seminar talking about Sandwich Generation: Is it still possible to be rich? . We hope to be the “coffee shop” where people come to talk to get knowledge about managing their money. Tickets are limited. Hope to see you then.
All the best in your financial journey.