Singaporeans unable to cope with job loss
Singaporeans are heavily dependent on their primary source of income - their jobs. The annual survey conducted by the AIA revealed just how important stable jobs are to the average Singaporean when it comes to maintaining financial survival.
Singaporeans are found to be increasingly less confident of being able to survive if they are unemployed. Only 19%, a significant drop from 27% in 2007, have confidence in surviving for at least two years without a stable source of income. This can be attributed to the fact that Singaporeans are highly aware of the dire financial forecasts, taking into consideration the higher costs of living as a result of increasing inflation. On top of that, only 25% of Singaporeans are able to sustain themselves after retirement.
Such pessimism is mainly due to the fact that a large percentage of Singaporeans rely heavily on their CPF (81%) and personal savings (74%). This suggests that Singaporeans are not forward looking enough to plan their retirement wisely, in spite of the fact that they recognise the importance and urgency in the matter. Only 9% own annuities and 18% say they own other retirement plans.
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Singaporeans are found to be increasingly less confident of being able to survive if they are unemployed. Only 19%, a significant drop from 27% in 2007, have confidence in surviving for at least two years without a stable source of income. This can be attributed to the fact that Singaporeans are highly aware of the dire financial forecasts, taking into consideration the higher costs of living as a result of increasing inflation. On top of that, only 25% of Singaporeans are able to sustain themselves after retirement.
Such pessimism is mainly due to the fact that a large percentage of Singaporeans rely heavily on their CPF (81%) and personal savings (74%). This suggests that Singaporeans are not forward looking enough to plan their retirement wisely, in spite of the fact that they recognise the importance and urgency in the matter. Only 9% own annuities and 18% say they own other retirement plans.
Full Article Source & Image Source.
Jorbb gets Jobs for You! Job Seekers join Free / Employers Post 1st Ad Free. Earn credits to exchange great gifts.
Follow Jorbb on Twitter, Friendfeed, Facebook Group and Mobiles/iPhones!
Labels: employment
posted by Jorbb @ 2:05 PM
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