One way to empower them is with direct access to better financial information and best practices, says digital brokerage moomoo SG
Financial security is a top priority for Singaporean women investors, yet a recent survey reveals that many are not confident they can meet their financial goals, particularly in retirement.
This is according to the “Singapore Women's Financial Fitness Survey” survey by Moomoo Financial Singapore Pte Ltd (moomoo SG) that polled 2,655 Singapore women investors who are at least 21 years old, and have a median annual income of $60,000.
Results revealed that 53.4 per cent of female Singaporean investors wish to be financially secure and retire before turning 60. However, 40.2 per cent are not confident that they can meet their retirement goals, saying “they are not mentally and or financially prepared to face a loss or reduction in income”.
“What women need is a boost of confidence to encourage them to make smart financial decisions so they can lead financially fit and secure lives,” notes Ms Erika Chiang, marketing director at moomoo SG.
The survey revealed that 86.4 per cent of respondents allocated between 10 per cent and 30 per cent of their monthly salaries to investing. This number should be more robust, seeing that Singapore is a financial hub, notes Ms Chiang.