By Zeinab Yusuf Saiwalla, The Business Times, 4th October 2012
DESPITE having a higher level of savings and investments than their counterparts from most other countries, Singaporeans are still relatively worried about their retirement, according to results from Aviva’s Consumer Attitudes to Saving (CAS) survey released yesterday.
The survey found nine out of 10 respondents from Singapore (92 per cent) confirmed that they have some form of savings and 65 per cent have put their money into investments. Despite that, 57 per cent of respondents were worried that they will not have enough money when they retire to provide an adequate standard of living.
Furthermore, the study which surveyed 1,000 nationally representative adults aged 18 and above, also found that 49 per cent of Singaporeans felt that they would have to work beyond the usual retirement age to fund their retirement.
Singaporeans are significantly ahead of respondents from India (64 per cent), UK (66 per cent) and USA (70 per cent) when it comes to savings, only falling slightly behind China where 96 per cent of respondents confirmed that they have some form of savings. However, a similar level of worry was seen across the nine other cities where the survey was conducted.
Insurance and Financial Planning 