Singaporeans hesitant on insurance as investment, CIMB study shows

Yet, less than half are financially prepared for their retirement.

Insurance remains as the top three financial tools preferred by Singapore residents for achieving financial growth, yet 39% expressed doubt about using insurance as an investment tool, a CIMB Singapore survey showed. 

The study, conducted in collaboration with the Nanyang Centre for Marketing and Technology, surveyed over 500 Singapore residents aged 26 to 60. 

It revealed that whilst 71% of respondents have some form of financial plan, only 48% have begun planning for retirement. 

Amongst the reasons cited for the delay were a focus on other financial obligations, reliance on CPF savings, and lack of knowledge.

Despite 52% of respondents believing they would need over $760k (S$1m) to be financially independent, and 63% targeting to reach this goal between the ages of 40 and 60, insurance is not being fully leveraged. 

This is in contrast to the broader use of savings, fixed deposits, and stocks.

($1.00 = S$1.31)