THE results of Aviva's latest survey did not throw up anything new — as with previous polls conducted by other life insurance companies in Singapore, it highlighted that Singaporeans are not saving enough for retirement. According to the Consumer Attitudes to Savings (CAS) Survey 2012, more than a third of people (38%) residing in the city-state have yet to institute a proper savings scheme for their post-working years.
The poll did reveal some insightful statistics concerning older Singaporeans aged 45 to 54, who are often described as at the peak of their career earnings cycle. A surprising 34% of this age group indicated in the CAS survey that they have yet to start saving for their retirement, even though the end of their working lives may be no more than a decade away for a good number of them.
Despite these worrying trends, one piece of good news is that Singapore has the highest average level of savings among 10 countries (the US, three Asian countries and six European nations) surveyed by Aviva in June. Full story
