The National Financial Capability Survey [1] conducted by MoneySense in 2021 found that while Singaporeans generally practise good financial habits in money management, they need to take more active steps in financial planning. For instance, more than half of the survey respondents had not developed a savings plan in preparation for retirement.

The Monetary Authority of Singapore (MAS), in conjunction with the Association of Banks in Singapore (ABS), Association of Financial Advisers (Singapore) (AFAS) and Life Insurance Association (LIA), launched a Basic Financial Planning Guide on 7 Oct 2023 to help Singaporeans take steps to enhance their financial well-being.

[1] MoneySense Council commissioned the National University of Singapore to conduct the MoneySense National Financial Capability Survey in 2021 which involved 2,000 Singapore resident respondents aged 18 to 79 years old. More respondents budgeted and kept track of their spending, and maintained at least three months of expenses as emergency savings, compared to 2017.

You may wish to download the Basic Financial Planning Guide from this link

https://www.mas.gov.sg/-/media/mas-media-library/news/media-releases/2023/basic-financial-planning-guide-2023.pdf

To find out more how PhillipCapital can help you achieve your financial goals and aspirations, please contact any of the following:

• https://www.phillip.com.sg/sg/talktophillip/findadviser/
• https://www.phillip.com.sg/sg/investor-centres/
• call us at 6531 1555 or email to talktophillip@phillip.com.sg.

We’ll be in touch with you!