Roundtable Series 6: Financial Knowledge Concerning Retirement Investment
The Centre for Research on the Economics of Ageing (CREA) hosted its 6th roundtable on Thursday, 12th July 2018. At this Financial Roundtable, CREA shared our newest findings on the retirement adequacy and financial readiness of the elderly in Singapore. The roundtable was attended by distinguished figures from key government agencies, statutory boards, and research centres.
The event kicked off with Professor Bryce Hool, the Director of CREA, introducing the Centre and its work running the Singapore Life Panel (SLP), which is the world’s largest high-frequency longitudinal survey of seniors. After that, Dr. Benedict Koh, a SMU Finance Professor and Co- Principle Investigator at CREA delivered an insightful overview of Singapore’s wealth distribution across age, gender and education levels and explored the pressing theme of retirement adequacy. The Q&A session that followed discussed the need for increased monetization of property wealth and the feasibility of relying on CPF alone for retirement.
Next, Professor Olivia Mitchell, CREA’s international collaborator, presented a study on the Financial Readiness of the Self Employed in Singapore. This new research analyzed self-employed seniors’ financial literacy, savings and investment patterns while comparing it to fulltime mature workers. The study also discussed seniors’ sense of retirement preparedness and the rising popularity of the gig economy among senior workers.
Next, Professor Joelle Fong, CREA’s affiliated researcher, examined the relationship between financial literacy and seniors’ propensity to make financial mistakes. The research showed that individuals with low financial literacy tended not to participate in stock market activities. Interestingly, the research also discovered that that people in their 60’s and 70’s tended to be more active in trading stocks and funds compared to their younger peers, contrary to popular beliefs.
The roundtable concluded with a lively discussion.
Please find the event programme here.
Research @ SMU: Making Retirement A Gig for Life