Endowus Singapore Retirement Report 2021
Endowus Insights

Endowus Singapore Retirement Report 2021

Updated
June 27, 2022
published
July 28, 2021
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Endowus Singapore Retirement Report 2021

Survey on CPF and Retirement

Over the past two decades, life expectancy has risen by six years to 83.8 years, and is projected to continue rising. Additionally, an estimated one in three Singaporeans will be aged 65 and above by 2035.

As Singapore’s first digital wealth advisor for cash, CPF & SRS savings, we are on a mission to help people build long-term wealth.

To better understand how we can help Singaporeans optimise the use of their CPF funds, we collaborated with YouGov to conduct a survey of over 1,000 CPF members to gain insight into the perceptions, misconceptions and challenges present in our society. Here are some highlights:

  1. 39% of Singaporeans are not confident about retirement adequacy
  2. Women may be at higher risk of retirement inadequacy than men
  3. Only 1 in 2 Singaporeans plan to rely mostly on CPF for retirement
  4. Almost half of Singaporeans have not planned for retirement at all
  5. Lower-income Singaporeans are less likely to plan for their retirement with CPF
  6. Higher returns is the most important criterion in decision to use CPF for investment
  7. 68% of Singaporeans are still not confident they can invest their CPF well by themselves
  8. Singaporeans are most keen on tools to quantify the impact of financial decisions on retirement income.

We hope that the findings we share in this report will steer how we engage our clients: by improving CPF literacy through effective education and creating better tools to help them improve financial outcomes and take control of their CPF.

Yours sincerely,

Gregory Van and Samuel Rhee

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Any forward-looking statements, prediction, projection or forecast on the economy, stock market, bond market or economic trends of the markets contained in this material are subject to market influences and contingent upon matters outside the control of Endow.us Pte. Ltd (“Endowus”) and therefore may not be realised in the future. Further, any opinion or estimate is made on a general basis and subject to change without notice. In presenting the information above, none of Endowus Pte. Ltd., its affiliates, directors, employees, representatives or agents have given any consideration to, nor have made any investigation of the objective, financial situation or particular need of any user, reader, any specific person or group of persons. Therefore, no representation is made as to the completeness and adequacy of the information to make an informed decision. You should carefully consider (i) whether any investment views and products/ services are appropriate in view of your investment experience, objectives, financial resources and relevant circumstances. You may also wish to seek financial advice through a financial advisor or the Endowus platform and independent legal, accounting, regulatory or tax advice, as appropriate.

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