4 in 10 S'poreans not saving for retirement

[Temperament]

TBH I'm getting quite confused over all these conflicting so called research provided by finance companies.

On one hand I read stuides saying that SG has higher percentage of millionaires (think it was ~15% IIRC) not even including primary residence.

There are also numerous studies the latest one is from Citi claiming there are many people with saving substantial amounts of money. Salary reports from those HR consultancies also point to so many jobs making >150k annually.

Anecdotal and personal observations on average SG consumption habits tend to support this affluent view as well. Mass market shopping malls are always crowded and average SGs seem to have no qualms eating in restaurants twice a week while splurging on the latest gadgets and fashion statements.

Then on the other hand we have other studies claiming most SGs do not have enough for retirement, heavily in debt, earning lousy wages etc.

It is of course easy to dismiss all these inconsistencies as rich-poor divide, but even then how can many of these supposedly population wide broad based studies reach conclusions that seem at the opposite sides of each spectrum???

Correct mah...
High income + high spending = not enough money for retirement.
High income + moderate spending + put money in bank + high inflation = not enough money for retirement.
Low income = can hardly survive now, much less talk about retirement

Only valuebuddies have enough for retirement

Hi smallcaps,

I had divided people into 4 groups,

1. High income and not willing to spend,
2. Low income and not willing to spend,
3. High income and willing to spend,
4. Low income and willing to spend.

To me, that will be the order of which who will be able to retire with ease.

HA! HA!
All the mathematical combinations is very "cheem" leh.

i use to believe and still do believe as long as you don't have to spend your money, even with the little you have, you are "rich' already. Pray that you don't need too much visits to doctors or specialists when you are old is already make you quite "rich".