The result is nearly 60% of Singaporeans say they are not on track with their retirement plans, according to a report by Oversea-Chinese Banking Corp. in November.
Singapore’s boom from money pouring in from mainland China and Hong Kong expats relocating to the financial hub masks a tough economic reality for many locals: A comfortable retirement is getting harder to achieve.
Singaporeans’ long-term saving plans are being jeopardized by inflation hovering near the highest level in more than a decade, insufficient wage growth, accelerating housing costs and other financial burdens from living in a city recently listed as the world’s most expensive alongside New York. In addition, a reluctance by many to put money in riskier, higher-yielding investments means nest eggs are falling short.
