That's why I say give the people the choice to opt in or out,
stupid ones like you would need to opt in. 
Maybe they can give
IQ test for those who want to opt out of CPF, if they have high IQ,
they have the opportunity to opt out of CPF scheme.
Like you said, the bankruptcy rate and credit card was the result
of the recession, not a result of poor financial management in
normal economic circumstances.
You can't protect people forever, they need to learn themselves,
the earlier they learn about financial consequences, the more
prudent and wise they will be later in life.
If they have opt in and opt out for CPF scheme (Singaporeans will
have more cash from their CPF accounts), then Singaporeans will be
equally distributed between cash and assets.
KNN, rebutting you is a no brainer, think I only used 1% of my
potential brain power.