Financial planning for resilience, not just wealth

SINGAPORE is becoming increasingly affluent as a wealth hub, but a general lack of financial planning by individuals could jeopardise their hard-won gains.

Last year, the Monetary Authority of Singapore (MAS) reported that the nominal income of the middle-income segment rose by 42 per cent between 2011 and 2021. Meanwhile, the country’s ultra-high-net-worth population is projected to reach 6,000 by 2026, a 268 per cent increase over a period of 10 years.

Singapore has cemented its position as a key location for professional advancement, ease of doing business, and financial success. But amid this rising prosperity, do people have sufficient planning to secure this wealth for the future?