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To run from 1 October to 31 December 2024, the campaign will allow Singaporeans access to easy-to-understand, actionable tips and information on saving and budgeting, as well as planning for healthcare costs and retirement online.
Singapore's Central Provident Fund (CPF) Board and MoneySense have launched the 2024 joint retirement planning campaign, which will run from 1 October to 31 December 2024.
In recognition of growing concerns over cost of living and competing demands for finances, this year’s campaign features the tagline 'Make every day matter. Find your financial calm.', that aims to empower individuals to take control of their financial and retirement planning by taking small actions now.
As part of this campaign, Singaporeans will be able to access easy-to-understand, actionable tips and information on saving and budgeting, as well as planning for healthcare costs and retirement online. They will also be utilise CPF planners, which provides personalised information to facilitate planning for retirement and housing needs, as well as make CPF transactions, such as top ups, more seamlessly.
A key feature of the campaign is the Ready for Life Festival. Happening on 2 November 2024, the festival will feature talks and activity booths to guide attendees to take charge of planning for their retirement holistically, a fireside chat with Minister for Manpower Dr Tan See Leng, and sharing by other panellists.
Strong interest in saving for retirement
The retirement campaign builds on what was noted as a strong interest in saving for retirement in Singapore. In the first eight months of 2024, CPF members’ voluntary top-ups to their own or their loved ones’ retirement savings totalled more than S$3bn, which was a 15% increase from the same period last year. These top-ups will go towards boosting members’ CPF LIFE monthly payouts in retirement.
Recent findings show room for more to start planning early
According to the recent MoneySense National Financial Capability Survey 2023, about one in two (51%) of Singapore residents developed a plan for retirement savings in 2023 — up from 46% in 2021. Further, about four in 10 youths had developed a plan for retirement savings, higher than 32% in 2021. While this reflects an improvement, the study still suggests there is scope for more Singapore residents to start early and take action for their financial and retirement planning.
Similar to the 2021 Survey, the 2023 Survey also found that most people surveyed exhibited good money management behaviours; eight in 10 budgeted and kept track of their daily spending, while seven in 10 maintained at least three months of expenses as emergency savings.
Interestingly, majority of respondents indicated they saved actively, paid bills on time and had basic financial knowledge of inflation.
Noting the strong interest shown, Peh Er Yan, Group Director, Communications & Engagement Group at CPF Board cited an aim to build on this foundation through the campaign launch.
"Our goal is to empower Singaporeans to optimise their financial health and actively plan for their retirement by fostering continued conversations on financial mindfulness, and encouraging small actions today that can have a significant cumulative impact in the future.
"By instilling good financial habits, we hope to support Singaporeans to navigate key life moments with financial calm, even amidst the challenges posed by rising prices," she added.
Jeremy Huang, Director, Financial Planning Programme Department, Ministry of Manpower, also spoke on the MoneySense National Financial Capability Survey 2023’s positive findings, particularly encouraging good money management behaviours amongst Singaporeans.
"They point to a growing awareness and action on financial and retirement planning. We look forward to continuing to work with CPF Board in helping Singaporeans make well-informed financial decisions, and prepare and plan their finances and retirement well."
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