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. 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
- 11. Simplify 11
- 12. Amplify TELEVISION COFFEE CUPS COFFEE SHOP TABLES BUS INTERCHANGES StayConnect ed Financial Tips & Lifestyle Stories Monthly Email Newsletters Latest Updates
- 13. Multiply 13
- 14. Thank You
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