Employers should encourage employees to start retirement planning early
They can help spur awareness and action by including it in their suite of benefits
Add BT as a preferred source
AS A trainer with MoneySense’s Institute for Financial Literacy (IFL) for almost eight years, I have taught dozens of retirement planning classes to hundreds of people. One common feature? An overwhelming majority of participants are not prepared for life after full-time work.
This gels with virtually all surveys into retirement adequacy. For instance, OCBC’s Financial Wellness Index findings, published last November, showed that although more people are investing, retirement planning is still a problem.
The survey found that only 54 per cent of respondents have started making financial plans for retirement, down six percentage points from 2023, while 24 per cent said they either intend to start or started planning for their retirement only in their 50s or later, which realistically, does not leave much time to accumulate sufficient funds.
TRENDING NOW
Buyer for England striker Harry Kane’s former mansion must pay £3.4 million after abandoning deal
Ohmyhome Ltd sells real estate business for token US$1 due to poor business and continued losses
Malaysian tycoon Vincent Tan’s sell-downs point to pruning rather than an exit plan
What’s wrong with Orchard Road? Experts weigh in on the street’s cachet and its future
