So what’s new?

Well, what’s new is that this study by robo-advisor Syfe (with press coverage from both The Straits Times and TODAY) brings up two points that other surveys haven’t really brought up.

One, that younger folks aged 25-34 are headed for a comfortable retirement provided they continue their level of savings and low debt rates. And two, that those who owned a home were less prepared for retirement than those who rent.

You can read the full report here but I would also take the report with a pinch of salt. After all, Syfe is in the business of getting more people to invest with them so it’s fully in their interest to ask you to save and invest more.

Another point is that I took the survey on their site (link here) and if this is what the report is based on, then I don’t think the numbers are very accurate because some parts of the survey are badly designed.’

For example, the survey asks if you contribute to CPF but later in the survey, also asks if how much you save without specifying if the amount of savings includes your savings in your CPF account.

Also, the part on home-ownership doesn’t account for how much mortgage you have left or how much is the mortgage being serviced.

All things considered, I think the survey might be a little flawed so don’t take it too seriously.