Voluntary top-ups to retirement savings saw 15-per-cent increase in 2024: MOM
The Central Provident Fund (CPF) Board is rolling out its annual retirement planning campaign, running from Oct. 1 to Dec. 31, 2024.
Amidst growing concerns over cost of living and “competing demands for finances,” the campaign features the tagline “Make every day matter. Find your financial calm.”
The national financial education programme MoneySense is collaborating with the campaign, which aims to empower individuals when it comes to taking control of their financial and retirement planning.
The campaign provides Singaporeans with access to tips and information about saving and budgeting along with planning for healthcare costs and retirement at cpf.gov.sg/beready. The site also contains planners where individuals can get personalised information about things such as facilitating the planning for retirement and housing needs and CPF transactions.
“Our goal is to empower Singaporeans to optimise their financial health and actively plan for their retirement by fostering continued conversations on financial mindfulness, and encouraging small actions today that can have a significant cumulative impact in the future,” said Peh Er Yan, the CPF Board ‘s group director, communications & engagement group.
The campaign will also have a “Ready for Life” festival on 2 Nov, which will have talks and activity booths when it comes to holistically planning their retirement along with a fireside chat with Tan See Leng, the minister for manpower, and other panelists.
‘Strong interest’ in retirement saving
The retirement planning campaign builds on Singaporeans' “strong interest” in saving for retirement, according to the Ministry of Manpower (MOM).
CPF members’ voluntary top-ups to their own or their loved ones’ retirement savings totalled over $3 billion in the first eight months of this year — a 15-per-cent increase from the same period last year. These top-ups will go towards boosting members’ CPF LIFE monthly payouts in retirement.
According to the MoneySense National Financial Capability Survey 2023, about one in two (51%) had developed a plan for retirement savings in 2023, higher than 46% in 2021. Among youths, about four in 10 had developed a plan for retirement savings, higher than 32% in 2021.
“While this shows an improvement, there is scope for more Singapore residents to start early and take action for their financial and retirement planning,” said MOM in a release.
Gen Z employees in Singapore are not taking adequate steps to secure their financial future, prompting calls to boost assistance to these group of employees, according to a new report from the United Overseas Bank (UOB).
