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News Release by:
Central Provident Fund Board
24 August 2007 -- |
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Introduction
Dr Ng Eng Hen, Minister for Manpower and Second Minister for Defence; Mr Koh Yong Guan, Chairman of CPF Board; distinguished guests, ladies and gentlemen.
CPF Board has had 52 good years. In 1955, we had 180,000 members enrolled in a simple savings plan. Today, over 3 million members enjoy a comprehensive social security system covering retirement, housing and healthcare needs.
With more people living longer, families getting smaller and retirement patterns improving but materially unchanged, CPF Board has been actively encouraging financial prudence through public education.
Public Education Efforts
Since 2004, we have: |
| a. |
Introduced through the portal “my cpf” a suite of online retirement planning tools, such as the CPF Retirement Calculator. We have also packaged CPF information to better fit members’ needs as they approach important life events like marriage or buying a house; |
| b. |
Piloted online interactive games like the Voyage of Life to let members experience vicariously how decisions affect retirement outcomes; and |
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Educated members on the importance of retirement planning through talks and seminars. Every month, we collaborate with HDB at the resale seminars to educate members on the prudent use of CPF when buying houses. Through these talks and seminars, we reached out to 4,700 members last year. This year, we will be reaching out to 9,000 more members. |
CPF Roadshow
One of our main channels of public education is the annual CPF Roadshow which aims to educate members on the importance of planning early for retirement. Last year’s roadshow attracted 92,000 CPF members.
This year’s roadshow is based on a resort theme, one that is easy to relate to. In many ways similar to time at a resort, retirement should be a time when one still retains the choice of whether to relax and enjoy the fruits of years of labour, or to continue to work. But all this is possible only if one had planned ahead for retirement.
Message on Retirement Planning
The message that CPF Board wants to bring to our members is that:
- You can look forward to a financially secure retirement if you start retirement planning early.
- Use your CPF savings prudently. Live within your means. Guard against hefty mortgages or unwise investments. Aim for full Minimum Sum at age 55.
- The best time to start retirement planning is as early as possible, ideally when you start working. It is never too early or too late to start cultivating good financial habits.
Engaging Students
In recent years, CPF Board has been actively engaging students in our financial education efforts. After all, students are our future CPF members.
Last year, together with MoneySENSE, we organised a financial literacy outreach programme for all five polytechnics. More than 33,000 attended our roving financial carnival and financial planning talks at the five campuses. About 17,000 polytechnic students competed in an online board game developed specially to teach younger audiences important financial planning concepts and CPF matters.
This October, we will be bringing our Financial Education Programme to 22,000 ITE students.
Conclusion
Public education is for the long haul. Because planning for retirement is for the future, the natural tendency is to defer or to procrastinate, particularly if there are more current financial needs.
CPF Board will therefore redouble our efforts to drive home the importance of having enough financial resources for old age, and of the need for early planning and action. Our overarching message is that active planning for retirement will enable CPF members to look forward to financial security in their golden years. Planning for retirement is not complicated, and like all processes, it begins with taking that important first step to plan.
In conclusion, I would like to thank all our partners in this roadshow. With your continuing support and dedicated commitment, I am confident that together, we will achieve CPF Board’s mission of enabling Singaporeans to enjoy a more secure retirement. On this note, I wish everyone an enriching and enjoyable roadshow today.
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