This presentation by Irene Kang was made at the High-level Global Symposium on Financial Education: Promoting Long-term Savings and Investments in Korea which explored policies and good practices for supporting long-term savings and investments through financial education and financial consumer protection. Find out more at http://www.oecd.org/daf/fin/financial-education/globalsymposiumonfinancialeducationforlong-termsavingsandinvestments.htm

1. SECURING OUR
RETIREMENT
THE SINGAPORE EXPERIENCE
Presented By:
Ms. Irene Kang
Central Provident Fund Board
High-level Global Symposium on Financial Education
26-27 February 2014
Seoul, Korea

2. Country Information
One of the world’s lowest total fertility rate at 1.2
and 4th best life expectancy rate in the world*
*according to the World Health Organisation
Source: Department of Statistics Singapore
Land Area: 710 km2
Total resident
population: 3.8 million
SINGAPORE

3. CPF plays a significant role in
Singapore’s social security system…
3
Retirement
Savings:
Help individuals
to save for
old-age
Affordable
healthcare:
Facilitate access
to basic medical
services
Housing
financing:
Help
Singaporeans
own their home
Workfare:
Supplement
income and
retirement
savings of low-
wage workers
Central Provident Fund

4. Our Social Security Philosophy
4
SELF
FAMILY
COMMUNITY

5. Central Provident Fund:
Fully Funded, Defined Contribution Scheme
5
Figures as at 31 Dec 2013
Members
3.4m
Employers
0.13m
Contributions
Benefits
Retirement
Retirement
Income
MedisaveOrdinaryFund Special
Individual Accounts
Healthcare
Financing
Housing
Financing

6. Age
Wealth Decisions at Key Life Stages
•Young & Single
•Starting Work
•Getting Married
•Single with High
Expenses
•Starting &
Raising a
Family
Retirement
• Established
Career
• Married with
Older Children
•Single with Elderly
Parents
• Golden Years
De-accumulation
Accumulation
Youth 20s 30s 40s 50s 55 65 80s
• Near Retirement
6
How much
should I
save?
What dream
home should I
buy?
Will I have
enough for
retirement?
CPF Contribution MediShield CPF LIFE
Which
healthcare
option
should I
choose?

7. Our Retirement Preparedness
40% have
insufficient
emergency funds
1 in 3 do not plan for
their future financial
needs
Source: DPM Tharman Shanmugaratnam Opening
Address at MoneySENSE 10th Anniversary roadshow
2nd
Singapore
1st
3rdranks in Asia Pacific
Source: MasterCard Worldwide Index of Financial Lite
SAVERS

8. Who drives financial literacy?
Financial Education Steering Committee
Industry Partners
8

9. 1
Basic
Money
Management
2
Financial
Planning
3
Investment
Know-How
3 levels of financial literacy
9

10. Our Financial Education
Strategies

11. Simplify
11

12. Amplify
TELEVISION
COFFEE
CUPS
COFFEE SHOP TABLES
BUS INTERCHANGES
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13. Multiply
13

14. Thank You