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PR Newswire
27-10-2011, 06:49 PM
Surprising survey results!
Many families in S'pore have no life insurance: HSBC study
27 October 2011 1844 hrs (SST)
SINGAPORE: Many families in Singapore, including those with children, have not recognised the risks of not having life insurance protection, according to a global study on retirement and financial planning by HSBC.
More than half of the parents surveyed do not have individual term life insurance, despite having dependent children.
Among those who do have financial plans for their families, a quarter of them do not have any type of life insurance included in their plans.
Eight in 10 parents have not made a will.
"We are seeing a major protection gap where many Singapore families, especially those with dependent children, are failing to recognise the benefits of life insurance protection," said Mr Walter de Oude, CEO of HSBC Insurance in Singapore.
"Life insurance is widely available in the Singapore market and in different forms tailored to individual needs at various life stages. It is a fundamental form of protection which is essential for all families," he added.
Nearly half of respondents aged 30-39 said they have no short-term savings.
And only 30 per cent of those married or living together, aged 40-49, are protecting their assets.
Of those aged 50-59, 34 per cent do not have retirement plans while only 12 per cent are undertaking tax planning.
When it comes to gender differences in exercising financial decision-making, the survey also found that Singaporean men are more proactive than women in making financial decisions in the household, concerning both retirement planning and household budgeting.
The findings emerged from HSBC's 'The Future of Retirement' programme, an independent study into global retirement trends.
The study surveyed more than 17,000 people in 17 countries, with 1,000 participants from Singapore.
Many families in S'pore have no life insurance: HSBC study
27 October 2011 1844 hrs (SST)
SINGAPORE: Many families in Singapore, including those with children, have not recognised the risks of not having life insurance protection, according to a global study on retirement and financial planning by HSBC.
More than half of the parents surveyed do not have individual term life insurance, despite having dependent children.
Among those who do have financial plans for their families, a quarter of them do not have any type of life insurance included in their plans.
Eight in 10 parents have not made a will.
"We are seeing a major protection gap where many Singapore families, especially those with dependent children, are failing to recognise the benefits of life insurance protection," said Mr Walter de Oude, CEO of HSBC Insurance in Singapore.
"Life insurance is widely available in the Singapore market and in different forms tailored to individual needs at various life stages. It is a fundamental form of protection which is essential for all families," he added.
Nearly half of respondents aged 30-39 said they have no short-term savings.
And only 30 per cent of those married or living together, aged 40-49, are protecting their assets.
Of those aged 50-59, 34 per cent do not have retirement plans while only 12 per cent are undertaking tax planning.
When it comes to gender differences in exercising financial decision-making, the survey also found that Singaporean men are more proactive than women in making financial decisions in the household, concerning both retirement planning and household budgeting.
The findings emerged from HSBC's 'The Future of Retirement' programme, an independent study into global retirement trends.
The study surveyed more than 17,000 people in 17 countries, with 1,000 participants from Singapore.
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