SECURING OUR
RETIREMENT
THE SINGAPORE EXPERIENCE
Presented By:
Ms. Irene Kang
Central Provident Fund Board
High-level Glob...
Country Information
One of the world’s lowest total fertility rate at 1.2
and 4th best life expectancy rate in the world*
...
CPF plays a significant role in
Singapore’s social security system…
3
Retirement
Savings:
Help individuals
to save for
old...
Our Social Security Philosophy
4
SELF
FAMILY
COMMUNITY
Central Provident Fund:
Fully Funded, Defined Contribution Scheme
5
Figures as at 31 Dec 2013
Members
3.4m
Employers
0.13m...
Age
Wealth Decisions at Key Life Stages
•Young & Single
•Starting Work
•Getting Married
•Single with High
Expenses
•Starti...
Our Retirement Preparedness
40% have
insufficient
emergency funds
1 in 3 do not plan for
their future financial
needs
Sour...
Who drives financial literacy?
Financial Education Steering Committee
Industry Partners
8
1
Basic
Money
Management
2
Financial
Planning
3
Investment
Know-How
3 levels of financial literacy
9
Our Financial Education
Strategies
Simplify
11
Amplify
TELEVISION
COFFEE
CUPS
COFFEE SHOP TABLES
BUS INTERCHANGES
StayConnect
ed
Financial Tips &
Lifestyle Stories
Month...
Multiply
13
Thank You
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Irene Kang - 2014 Symposium on Financial Education in Korea

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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

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  • Irene Kang - 2014 Symposium on Financial Education in Korea

    1. 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. 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. 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. 4. Our Social Security Philosophy 4 SELF FAMILY COMMUNITY
    5. 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. 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. 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. 8. Who drives financial literacy? Financial Education Steering Committee Industry Partners 8
    9. 9. 1 Basic Money Management 2 Financial Planning 3 Investment Know-How 3 levels of financial literacy 9
    10. 10. Our Financial Education Strategies
    11. 11. Simplify 11
    12. 12. Amplify TELEVISION COFFEE CUPS COFFEE SHOP TABLES BUS INTERCHANGES StayConnect ed Financial Tips & Lifestyle Stories Monthly Email Newsletters Latest Updates
    13. 13. Multiply 13
    14. 14. Thank You

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