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9 in 10 Singaporeans do not feel well prepared for retirement

>> Thursday, September 17, 2009

By Gladys Ow, Channel NewsAsia. 16 September 2009.

Ninety-one per cent of Singaporeans do not feel well prepared for retirement compared to the global average of 87 per cent, according to an annual report by Oxford University's Institute of Ageing on Wednesday.

The Oxford Institute of Ageing is known for its gerontological research and training programmes.

Singapore, like most countries in the world, is facing an ageing population. In fact, the number of dependent adults is expected to surpass the number of dependent children for the first time next year.

The Oxford report suggested that the low level of preparedness is linked to a lack of access to financial advice. Although Singapore has a wide range of retirement products available, more could be done to educate families to plan for the long term.

Individuals are also encouraged to take responsibility for their own retirement by planning early, especially for financial security.

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