MAS partners with financial industry to present basic planning guide

This guide hopes to foster Singaporean’s financial wellbeing in terms of savings, insurance, and investments.

The Monetary Authority of Singapore (MAS), in collaboration with the Association of Banks in Singapore (ABS), Association of Financial Advisers (Singapore) (AFAS), and the Life Insurance Association (LIA), has introduced a Basic Financial Planning Guide to empower Singaporeans in improving their financial well-being.

This guide offers clear and straightforward recommendations for individuals to take proactive measures regarding their savings, insurance, and investments. It encourages Singaporeans to:

Emergency Savings: Set aside a minimum of 3 to 6 months' worth of expenses for unforeseen needs.
Insurance Protection: Acquire insurance coverage of:
- 9 times their annual income for death and total permanent disability.
- 4 times their annual income for critical illness.
Spend a maximum of 15% of their income on insurance protection.
Investment for Retirement and Goals: Invest at least 10% of their income towards retirement and other financial objectives.

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Starting in January 2024, this guide will be accessible in six tailored formats to cater to individuals at different stages of life, such as newcomers to the workforce, working adults with young children, those financially supporting elderly parents, and individuals nearing retirement.

The National Financial Capability Survey conducted by MoneySense in 2021 highlighted that while Singaporeans generally manage their finances well, there is room for improvement in financial planning. For example, more than half of the respondents need to take more active steps in financial planning.

We are confident that the collaborative endeavour of MAS and industry associations to develop these Guides for basic financial planning will raise awareness among Singaporeans, enabling them to better prepare for various life stages and unforeseen situations.” Dennis Tan, President of LIA said.

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Life Insurance Association, Singapore

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