9 in 10 Singaporeans do not feel well prepared for
retirement
By Gladys Ow, Channel NewsAsia | Posted: 16 September 2009 1907 hrs
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Elderly in Singapore Video
9 in 10
Singaporeans do not feel well prepared for
retirement
SINGAPORE: Ninety-one per cent of Singaporeans do not feel
well prepared for retirement compared to the global average of 87
per cent, according to an annual report by Oxford University's
Institute of Ageing on Wednesday.
The Oxford Institute of Ageing is known for its gerontological
research and training programmes.
Singapore, like most countries in the world, is facing an ageing
population. In fact, the number of dependent adults is expected to
surpass the number of dependent children for the first time next
year.
The Oxford report suggested that the low level of preparedness is
linked to a lack of access to financial advice. Although Singapore
has a wide range of retirement products available, more could be
done to educate families to plan for the long term.
The team responsible for the report conducted a workshop in
Singapore to help stakeholders from the private and public sectors,
non-government organisations and academics plan for an ageing
society.
Participants were asked to suggest policy solutions for a variety
of situations.
At the end of the three-day programme on Wednesday, researchers
felt that Singapore is well-equipped to deal with an ageing
population because there is a high level of awareness of the
issues. One of the key solutions for Singapore is to keep older
workers employed.
Dr George Leeson, deputy director, Oxford Institute of Ageing,
said: "Governments need to help employers, employers need to help
employees, and trade unions need to play a role. I know that in
Singapore there are moves for re-employment legislation in
2012.
"What I think employers have to remember is that they are the
people they have to keep in the workplace because there is going to
be a demand for the skills they have."
Individuals are also encouraged to take responsibility for their
own retirement by planning early, especially for financial
security.
