Instead of relying on pensions, people know they have to fund their own retirement years
but also want governments to do more to help them help themselves. “Pensions Crisis” is
now a common refrain in the West, echoing how traditional pensions are failing to meet the
evolving needs of ageing populations.
HSBC’s Future of Retirement research asked people what their governments should first do to support and finance an ageing population.
"One thing the government should do is increase the retirement age"
Singaporeans much prefer increasing the retirement age to deal with the rising costs of supporting an ageing population.
“One thing the government should do is impose (additional) compulsory savings”
Globally, compulsory savings is the preferred option.
People around the world now think compulsory savings offers the solution to shortcomings of existing pension schemes. But in Singapore, mandatory CPF contributions have already been in place for many years and so extending the retirement age is considered the best way to support and finance an ageing population.
Which one of the following statements do you agree with most?
The world's local bank 
