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Why The Current Generation Of Singaporeans Must Save Longer For Retirement

It is no secret that Singaporean and expat workers have to face a higher cost of living compared to other cities in the world. In order to cultivate a sufficient retirement fund, these employees have to save nine years longer than the preceding generations. This information is according to the recent HSBC report that included 1,008 Singaporeans who are either working or retired.

Findings in “HSBC’s Future Of Retirement: Generations And Journeys” report showed that the average Singaporean begins saving for retirement at age 32 and continues it for another 29 years. Simple arithmetic will tell you that the previous generations of Singaporeans used to save at an average of 20 years.

Despite having the advantage of saving for a longer period of time, 41% of the participants wished that they had started to save earlier. This tone was supported by the 38% of the participants who stopped saving money due to several difficulties.

Mr Matthew Colebrook, the head of retail banking and wealth management in HSBC Bank Singapore, highlighted that: “in many instances, life events are also getting in the way of setting aside money earlier or in a consistent manner.” This is one of the significant roadblocks that keep Singapore workers from maximizing their retirement fund.

Another roadblock that is worth mentioning is the “tunnel vision” that Singaporeans apply when investing. Often they exclude other forms of assets and focus on cash savings and properties. In fact, the report found that 21% of Singaporeans anticipate that selling or downsizing a property can help them fund their retirement.

Mr. Colebrook made another potent statement concerning this tunnel vision. According to him, “all asset classes’ performance will rise and fall as the current softening of the Singapore property market and low deposit rate environment show us. This speaks volumes for why it is important to seek diversification in a savings plan.”

Image Credits: www.pixabay.com

To gain information about the diversification of a retirement plan as well as other strategies to grow your wealth, you must educate yourself or even seek the help of a financial professional. A financial professional can help tailorize a strategy that suits your personality and lifestyle the best.

Sources: 1 & 2

Great Singapore Sale Facts That Every Singaporean Should Know

Great Singapore Sale (GSS) is a shopping extravaganza that happens annually in Singapore.

Citizens as well as guests from all over the world can indulge on the extended period of this year’s GSS, which started last June 3. It is set to run for ten weeks instead of the usual eight. Its official partner card is UnionPay International.

Image Credits: facebook.com/OfficialGreatSingaporeSale

1. PRIMARY PURPOSE OF GSS

The Great Singapore Sale is an event spearheaded by Singapore Retailers Association (SRA) along with the local stores and malls. Its primary purpose is to boost the tourism industry in the Lion City. In fact, the longer sale period was predetermined to better accommodate the tourists hailing from Asia-Pacific countries such as China. SRA’s executive director Anthony Gan stressed that the GSS 2016 coincides with the school holidays in June-August and the peak travel season in July.

This extension may very well increase the influx of tourists but it can also desensitize the locals.

2. ACCREDITED PARTICIPANTS OF GSS

There are no “official” participants of GSS as retailers are not required to submit to SRA guidelines or register with SRA to engage in the event. All the retailers who offer discounts or promotions during the GSS period are considered as the partipicants.

Moreover, merchants are not mandated to use the GSS logo. The decision to do so is left to the business owners because they must think about their own marketing strategies.

3. AUTHORITY GOVERNING THE PROMOTIONS

Aside from the freedom put on the incorporation of the GSS logo, retailers are free to determine their discounts and promotions. The minimum and maximum amounts of discounts, deals, and promotions are left to the hands of the retailers. SRA has little to no say in this.

4. DURATION OF THE RETAILER’S PROMOTIONS

In lined with Fact #2-3, perhaps you have an idea about the designated duration for the store’s sale. It is not compulsory to hold the sale for the entire GSS period. In fact, there were some stores that started their “GSS sale” even before June 3. These stores include Metro and Robinsons.

5. BLOGGER’S INFLUENCE

In 2013, the financial giant MasterCard Singapore launched the Princess Singapore Campaign that featured famous Singapore bloggers. The campaign was a success as MasterCard holders used their cards for a total of over US$1.5 billion (S$2 billion) during the GSS 2013.

6. RISE IN THE TOTAL RETAIL SALES

GSS contributes to the rise in total retail sales in the country throughout the years. According to the Ministry of Trade and Industry’s Department of Statistics, the total retail sales for June and July 2015 was about S$7 billion. It is a 6.1% boost over that of 2014’s.

Image Credits: pixabay.com

Since the flow of GSS is heavily bestowed upon the retailers, the possibilities are endless. Be sure to check out this grand shopping event! 🙂

Sources: 1, 2, & 3

Where Do Hippie Singaporeans Spend Their Money On

Modern Singaporean hippies frequent places that exude a youthful vibe that opposes the status quo. Here are some of the common places where they spend their money on:

1. SHOPPING

Hipsters habituate shopping centers that offer minimalist products and online labels. Three of my favorite trendy malls are Orchard Gateway, 313@Somerset, and *Scape.

a. Orchard Gateway gives a modern vibe as its futuristic glass bridge joins the orchardgateway@emerald and the remainder of the Orchard Gateway. Always have your camera with you so you can stop and snap some selfies while you are walking along.

b. Minimalist, hip, and chic are three words that perfectly encapsulates the charm of The Editor’s Market. It is a fashion forward shop that houses clothing ranging from S$20-50. Whenever I am at their 313@Somerset’s outlet, it is impossible to not find something I like.

Image Credits: facebook.com/theeditorsmarket

c. *Scape Underground is filled with online shops that sell items at affordable prices. Unique accessories for as low as S$5 can be found here. If you are lucky, you can chance upon ELF or NYX cosmetics that retails for as low as S$3. Nonetheless, inexpensive yet cool phone cases will always be available there.

2. BOOKSTORES

Hippies create their own slice of heaven by frequenting independent bookstores such as BooksActually and Littered with Books. Probably the most popular of the bunch is “BooksActually”. BooksActually is the go-to place for local literature, enigmatic titles, and creative stationary. Even its website is crisp, simple, and neat. See for yourself: http://www.booksactuallyshop.com.

Another gem for the spunky bookworms is “Littered with Books”. It is situated in a restored shophouse at Ann Siang Hill. Get lost in a shop filled with classic novels, children’s literature, contemporary local literature, and more!

Image Credits: litteredwithbooks.tumblr.com

3. CAFÉS

It comes as no surprise that you will find this ecentric sub-culture at cool cafés. Three neighborhoods that have an abundance of bespoke products are Tiong Bahru, Haji Lane, and Bedok. Tiong Bahru is a historic staple of the Singapore’s hip culture. When you are here, do not skip on the bespoke coffee offered by Forty Hands or Flock Café.

Haji Lane has a myriad of vintage shophouses that sell contemporary and quirky items such as accessories and clothing. Among its packed list of cafés, CAD Cafe is my favorite.

Located in the Bedok area is a humble cafe called Percolate. The place is plain, cozy, and beautifully decorated that is why it brings a relaxing ambiance to its hip customers. According to HungryGoWhere, the average plate costs S$10.

Image Credits: facebook.com/PercolateCoffee

Good prices offering delectable dishes…who am I to complain?

『純萃。喝』: Taiwan’s Most Popular Bottled Milk Tea & Coffee to be launched in Singapore (From 13 July 16)

* Update 22/7: Abana Singapore announced in a Facebook post that they have restocked the drinks at 7-Eleven stores progressively today, while stocks last.

Yes, you heard it right.

One of Taiwan’s most popular bottled beverages 『純萃。喝』 will be launched in Singapore from 13 July. “純萃。喝” means pure and simple, just drink it.

The much anticipated drink in assorted flavours was launched in Hong Kong amid great fanfare, and was reported selling out at island-wide last year.

If you have been to Taiwan before, you might have spot this unique cylindrical bottle that looks like a shampoo or a comestic bottle — what is stored inside it, however, is something you must really try. There are 10 assorted flavours of milk tea and coffee that were launched and it includes varieties such as Mandheling, Sumiyaki (Roasted Coffee), Cafe Au Lait, Matcha Latte and more.

Abana Singapore Pte Ltd has been appointed to distribute『純萃。喝』in Singapore and will be launching two all-time-favourite flavours: Milk Tea and Latte.

It will be available at over 400 7-Eleven stores from 13 July, but we believed it won’t be on the shelves for long judging by its popularity and how it amassed a huge followings on their Facebook before launch.

It’s on a while stocks last basis and we don’t know how fast they’d be restocked, but that being said — don’t be too eager to raid their fridge as each bottle hasa shelf life of about 15 days.

『純萃。喝』 (Milk Tea/Latte) GIVEAWAY

Can’t wait to get your hands on these exclusive drinks? Good news. we will be giving away 2 bottles of『純萃。喝』 (1 x Milk Tea + 1 x Latte) to 30 readers.

Steps to take part in our giveaway:

LIKE and SHARE this post
LIKE 純萃。喝 Chun Cui He Singapore Facebook’s page
Tag your friends and let them know about it

30 winners will be randomly picked and announced next week. (Make sure you follow our page closely to check if you are one of the lucky winner)

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Main Implications Of Brexit To Singapore

One of the most talked about issues surrounding the world today is the Brexit. Brexit is shorter term that refers to “British Exit”. It is the strong vote of British people to detach themselves from the European Union (EU). This referendum impacted the global markets including that of Singapore’s.

For starters, Brexit contributed to the changes in exchange rates as the value of Pounds drop in its lowest level in decades. Aside from this shift in currency, the Brexit has implications in Singapore’s trade, properties, and investments.

CURRENCY

The British Pound is in its weaker state – as of the moment.

To illustrate, imagine Sally is a Singaporean expat who moved to United Kingdom 6 years ago. Being financially savvy, she made a plan to save some of her money for retirement back home. Since Sally kept a relatively huge sum of money in Pounds, she was surprised to find out that her funds are worth less than they were a week ago.

Aside from the individuals like Sally, British companies are affected by the weaker British currency. It will cost them more money to grow and expand their businesses here.

TRADE

Unlike other ASEAN countries, the Singapore government has concluded their negotiations for “Free Trade” with the European Union. Within the Free Trade agreement, any imports and exports between EU and Singapore are more affordable and are subjected to lesser restrictions. This greatly helped our transactions as we imported over S$44.46 Billion worth of goods and products from the EU last year.

An issue floats as majority of our EU trade was with the Brits. There seems to be an uncertainty whether Britain will have more or less bargaining power over Singapore after the Brexit.

PROPERTY

According to Knight Frank, Singaporeans lead the list of Asian buyers who patronized United Kingdom commercial properties in 2015. With the prevalent clamor of Singaporean buyers and the ambiguity of the British market, banks such as UOB and DBS had to act quickly.

In a statement, UOB says that they “will temporarily stop receiving foreign property loan applications for London properties.” While, DBS is advising its lenders to be more cautious.

INVESTMENT

Behind Japan and Hong Kong, Singapore ranks third as the largest investors in EU. This is why the population of the Singaporean investors will be surely affected. In particular, a stock called GL Ltd (SGX: B16) encompasses more than 5,000 hotel rooms in London. If the British currency will decrease further, it can pressure GL Ltd’s profit in Singapore dollars.

Image Credits: pixabay.com

As a solution, experts suggest to diversify your investments in terms of currency exposure.

Let me close with the post that PM Lee Hsien Loong published in his Facebook page:

https://www.facebook.com/leehsienloong/posts/1142353405827364
“Singapore will continue to cultivate our ties with Britain, which is a long standing friend and partner. We hope in time the uncertainty will diminish, and we will make the best of the new reality.”

Sources: 1, 2, & 3

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