Retirement Preparedness and Financial Literacy in Singapore: How Do the Self-Employed Compare?

Policymaker and media attention has recently focused on the rise of the so-called “gig” or freelance employment sector, where workers lack formal long-term relationships with one specific firm. This topic has captured public interest partly because of concern that those engaged in nontraditional work arrangements may lack the opportunity to save in formal retirement plans. This paper examines how the self-employed in Singapore compare to regular employees as well as the unemployed in terms of retirement preparedness, retirement saving, and portfolio diversification. We also investigate the extent to which differences in financial literacy can account for the different behaviors across types of workers. Overall, we find that the self-employed and employees save and invest remarkably similarly. Financial literacy is quite important: respondents scoring one additional correct answer on the FinLit questions have about 3% more net financial wealth, 2% more nonhousing net wealth, and 14% more total wealth than their less savvy counterparts. More financially literate individuals also hold better diversified portfolios over the life cycle

Developments in Mandatory Defined Contribution Plans: Investment Patterns in Singapore’s Central Provident Fund System

Rising elderly life expectancies imply the need for more saving throughout the Asia-Pacific region. This paper investigates the role of recent changes in the investment offerings of the Singaporean Central Provident Fund (CPF) in this process. Our research explores investment patterns of CPF participants and comments on alternative paths for retirement system redesign

Trust and Retirement Preparedness: Evidence from Singapore

Trust is an essential component of the financial system, and distrust can undermine saving and economic growth. Accordingly, prior research has shown that survey responses to a question about ‘trust in people’ are associated with household willingness to invest in the stock market. Nevertheless, little is known about how trust shapes economic behaviors predictive of retirement preparedness. Our study draws on the Singapore Life Panel (SLP®), a high-frequency internet survey of people age 50-70, to assess how trust ties to older respondents’ (1) pension plan participation and withdrawals; (2) life, health and long-term care insurance purchases; and (3) stock market engagement. We show that the ‘trust in people’ question often used in prior studies is uncorrelated with household behaviors related to retirement preparedness. Nevertheless, trust in financial and public-sector representatives is positively associated with pension savings, investments, and insurance purchases. Financial literacy also has a consistent and important role in explaining who saves for retirement and other economic behaviors driving retirement readiness

Weight-bearing in ankle fractures: An audit of UK practice.

INTRODUCTION: The purpose of this national study was to audit the weight-bearing practice of orthopaedic services in the National Health Service (NHS) in the treatment of operatively and non-operatively treated ankle fractures. METHODS: A multicentre prospective two-week audit of all adult ankle fractures was conducted between July 3rd 2017 and July 17th 2017. Fractures were classified using the AO/OTA classification. Fractures fixed with syndesmosis screws or unstable fractures (>1 malleolus fractured or talar shift present) treated conservatively were excluded. No outcome data were collected. In line with NICE (The National Institute for Health and Care Excellence) criteria, "early" weight-bearing was defined as unrestricted weight-bearing on the affected leg within 3 weeks of injury or surgery and "delayed" weight-bearing as unrestricted weight-bearing permitted after 3 weeks. RESULTS: 251 collaborators from 81 NHS hospitals collected data: 531 patients were managed non-operatively and 276 operatively. The mean age was 52.6 years and 50.5 respectively. 81% of non-operatively managed patients were instructed for early weight-bearing as recommended by NICE. In contrast, only 21% of operatively managed patients were instructed for early weight-bearing. DISCUSSION: The majority of patients with uni-malleolar ankle fractures which are managed non-operatively are treated in accordance with NICE guidance. There is notable variability amongst and within NHS hospitals in the weight-bearing instructions given to patients with operatively managed ankle fractures. CONCLUSION: This study demonstrates community equipoise and suggests that the randomized study to determine the most effective strategy for postoperative weight-bearing in ankle fractures described in the NICE research recommendation is feasible