Survey also finds building a nest-egg is top priority among affluent Singaporeans
Saving for retirement is the top priority among affluent Singaporeans, well ahead of putting cash aside for a rainy day and education, according to a recent online poll.It found that the ideal retirement nest-egg is estimated to be about $1.38 million, although respondents varied in how they arrived at this figure. About 55 per cent sought professional financial advice before investing while 13 per cent derived it from the media.
But around 25 per cent relied on guesswork, which is "alarming", said Mr Chris Gill, general manager, Southeast Asia at Friends Provident International, which conducted the poll in May of around 500 affluent and aspiring-affluent investors in Singapore and a similar number in Hong Kong.
It defined affluent here as having $200,000 to $1 million in investable assets while those with $80,000 to $199,999 were deemed "aspiring affluent".
CW8888:
Let see how long this magical number of $1.38M nest-egg can last and assuming inflation rate @2.5%
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Need to include investment return. Assuming conservative 3% only is a divergence !
ReplyDeleteCW,
ReplyDeleteThe sales hook between the lines from this article is that we must follow the rest of the 55% and seek "professional" financial advice like what the ang moh snake oil is saying ;)
1) Follow the crowd mah! 55% can't be wrong! But did anyone stop and ask whether these 55% belong to the dumb or smart money? Maybe these 55% don't trust their primary school math?
2) 200K to 1 million is considered "affluent"? OK, I understand we must make our customers feel good. If you belong to the "affluent" group, try entering the private banking offices reserved for Accredited Investors and see how "affluent" you feel ;)
I wonder what is more "alarming"?
Don't know primary school math or need to be told what size shoes we should wear!?
LOL!