A whopping 47 percent of Singaporean investors surveyed in new Manulife research feel that their Central Provident Fund (CPF) account will not be sufficient to cover retirement expenses.
44 percent feel the returns are too small, leading only one in five to feel confident they'll meet their retirement needs relying on CPF alone.
The Manulife Investor Sentiment Index, a quarterly, proprietary survey that tracks investors' views based on 500 online interviews in eight markets across the region, also calculated only a quarter of investors saying they make additional voluntary contributions to their CPF accounts.
The main reason was that they did not have enough money to make additional payments. Those who do top up contribute an average of 17 percent of their monthly personal income in addition to the mandatory percentage.
According to the latest research, nearly two-thirds of pension plan owners surveyed said they wanted greater flexibility in withdrawing funds. Other requests include more education on retirement planning and raising government/employer contributions. Only 18 percent said they were satisfied with the range of investment choices available.
Manulife also noted that at this time, only 32 percent of pension plan owners actively manage their CPF, which means they review and if need be, rebalance their portfolio every six months.
Photo: AFP / Roslan Rahman
A whopping 47 percent of Singaporean investors surveyed in new Manulife research feel that their Central Provident Fund (CPF) account will not be sufficient to cover retirement expenses.
44 percent feel the returns are too small, leading only one in five to feel confident they'll meet their retirement needs relying on CPF alone.
The Manulife Investor Sentiment Index, a quarterly, proprietary survey that tracks investors' views based on 500 online interviews in eight markets across the region, also calculated only a quarter of investors saying they make additional voluntary contributions to their CPF accounts.
The main reason was that they did not have enough money to make additional payments. Those who do top up contribute an average of 17 percent of their monthly personal income in addition to the mandatory percentage.
According to the latest research, nearly two-thirds of pension plan owners surveyed said they wanted greater flexibility in withdrawing funds. Other requests include more education on retirement planning and raising government/employer contributions. Only 18 percent said they were satisfied with the range of investment choices available.
Manulife also noted that at this time, only 32 percent of pension plan owners actively manage their CPF, which means they review and if need be, rebalance their portfolio every six months.
Photo: AFP / Roslan Rahman