More than 80% of Singaporeans don’t believe their current financial plans won’t tide them over in the future.
That’s a terrible shame, considering that we’re often touted as a First World Nation.
Are we, really?
(1) Die Lah
This sad fact was revealed through a survey by research company, Nielsen.
Close to 70% of Singaporeans have lost all hope for the future.
They say they have no confidence in meeting their financial goals, even if they were to adjust their investments.
(2) Fear & Worry
Health issues, unexpected household emergencies, and loss of jobs.
Those issues drive Singaporeans to actively save money, as indicated in the Nielsen survey.
Perhaps Singaporeans have lost confidence in our forced savings for retirement — out CPF savings.
This is mandated by the Singapore government, so shouldn’t it ensure that we’ve enough for the future?
Instead, our minimum retirement age continues to rise, more elderly are forced to sell their assets and downgrade, and even more are finding it difficult to cope with the rising cost of healthcare.
(3) Back-Seat Drivers
Once citizens lose faith in those in government, they will inevitably look to oust them.
We’ve seen that happen across the world, and it’s happening in Thailand at this very moment.
One day the straw will break the camel’s back.
And that’s where Singaporeans, who don’t trust the government to do them right, will drop their passiveness and embark on swift and severe action to wrest back control of their lives.
For their family and loved ones, for their future.